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NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

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4 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.

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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President Tinubu Appoints ex-Ekiti Gov. Fayose as Chairman Rural Electrification Agency

Published

18 hours ago

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July 20, 2026

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By Yusuf Danjuma Yunusa

President Bola Tinubu has approved the appointment of 26 persons into the boards and management of 10 federal government agencies and commissions, with former Governor of Ekiti State, Ayo Fayose, named Chairman of the Rural Electrification Agency, REA.

The appointments, announced on Monday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, take immediate effect.

According to the statement, Fayose will chair the board of the REA, while Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta were appointed as members and non-executive directors.

The board also includes the agency’s incumbent Managing Director and Chief Executive Officer, Abba Abubakar Aliyu, alongside the three executive directors previously appointed.

President Tinubu also appointed Major General Junaid Bindawa as Chairman of the National Salaries, Incomes and Wages Commission and approved the appointment of eight other officials into the commission.

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Former member of the House of Representatives from Lagos State, Olajumoke Okoya-Thomas, was named Secretary of the commission, while Dr Ogbole Ene Lilian, Oladele Olatubosun and Yakubu Umar Barde were appointed as commissioners representing Benue, Oyo and Kaduna states, respectively.

Other members of the commission are Dr Mai Adamu Yau (Borno), Ginika Florence Tor (Enugu), Engineer Lawrence Okoh (Edo) and Bello Morenike Iyabode (Kogi).

In another appointment, Tosin Johnson Adeyanju, who previously served as Executive Secretary of the National Lottery Trust Fund, NLTF, was redeployed as Secretary of the Revenue Mobilisation and Fiscal Commission.

The President also appointed Dr Abuh Mohammed as Director-General of the National Population Commission, NPC, Dr Akinola Odeyemi as Managing Director of the Nigerian Bulk Electricity Trading, NBET, and Dr Anthony Inalegwu Godwin as Chairman and Chief Executive Officer of the Nigeria Atomic Energy Commission.

Engineer Julius Oloro was named Chief Executive Officer of the National Centre for Agricultural Mechanisation, NCAM, based in Ilorin, Kwara State. He succeeds Dr A.R. Kamal, who died in January.

Tinubu further approved the constitution of the board of the Fiscal Responsibility Commission, with Dr Abdullahi Maikano Saidu appointed as Chairman.

Other members of the board are Mohammed Asmau, Mohammed Aliyu Makama, Dr Suleiman Gidado, Louis O. Ndukwe, Amaechi Ugwele and Olaniyi Idowu Onikola.

The President also appointed Shuni Muhammad Dahiru as Executive Secretary of the National Commission for Mass Literacy, Adult and Non-Formal Education. Dahiru replaces Professor Shu’aibu Shehu Aliyu, who was reassigned to the Petroleum Trust Development Fund, PTDF, in April.

In the Federal Housing Authority, FHA, Tinubu appointed Gisaor Vincent Iorja as Executive Director, Finance, to replace Mathias Byuan, who resigned from the position to contest the Benue State governorship election.

Iorja, an economist, legal scholar and academic, is currently the Secretary of the Benue State Independent Electoral Commission, BSIEC.

The Presidency said all the appointments take immediate effect.

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FCT Police Detain 4 Officers for Extorting N53,000 from ICPC Chairman

Published

20 hours ago

on

July 20, 2026

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By Yusuf Danjuma Yunusa

The Federal Capital Territory, FCT, Police Command has detained four police officers for allegedly extorting N53,000 from the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Dr Musa Aliyu, SAN, during an illegal stop-and-search operation in Abuja.

The FCT Commissioner of Police, Ahmed Sanusi, disclosed this on Monday while briefing journalists in Abuja, describing the officers as “thieves” who had no business wearing the police uniform.

According to Sanusi, the officers abandoned their designated duty posts, converged around the Banex area of Wuse, where they mounted an unauthorised checkpoint, and extorted the ICPC chairman without knowing his identity.

He said the officers compelled the ICPC chairman to withdraw N53,000 through a Point of Sale, POS, operator, made him pay the transaction charges, and later shared the money among themselves.

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“I must say here too that we have about four policemen in custody as we speak who successfully extorted somebody of high importance, unknown to them that this person is a highly placed person in society. In clear terms, they extorted the Chairman of the ICPC.

“They extorted him of N53,000. They took him to a POS, he withdrew the money, paid the charges and they shared the money among themselves,” he said.

The police commissioner said investigations revealed that the officers had formed a criminal gang after leaving their various divisions to carry out the illegal operation.

“They are a gang of criminals who left various divisions, clustered together, moved to Wuse Banex and created a checkpoint where they perpetrated this act before fleeing,” he said.

Sanusi said the command subsequently declared the officers wanted and arrested their gang leader, whose confession led to the arrest of the remaining members of the syndicate.

“We got all of them. We are going to make sure they are severely punished. Those that are going to be dismissed will definitely be dismissed,” he added.

The commissioner also reiterated that the Inspector-General of Police had prohibited the indiscriminate search of citizens’ mobile phones by officers on patrol.

He advised residents not to comply with unlawful demands by police officers to search their phones on the roadside and urged them to report such incidents immediately through the police emergency lines.

“You cannot stop anybody on the road and ask the person to bring out his phone for search. If any policeman stops you and asks to search your phone, don’t agree. Call the police emergency lines and we will ask them why,” Sanusi said.

He further urged members of the public to promptly report cases of extortion and other forms of police misconduct, assuring them that officers found culpable would be tracked down and sanctioned.

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Andy Burnham Becomes UK’s New Prime Minister

Published

1 day ago

on

July 20, 2026

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By Yusuf Danjuma Yunusa

 

Andy Burnham has become the United Kingdom’s prime minister and was invited by King Charles III to form a government, after Keir Starmer’s resignation.

Burnham enters office promising a “10-year plan for the country” to address some of the fundamental issues holding the UK back.

He added: “I’m not saying that means I’m setting out to say I’m going to be here for 10 years. It’s more that we’re not in the right place structurally.”

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In his first Downing Street speech he promised to give people “breathing room” against the rising cost of living.

He intends to urge the country to be honest about the challenges it faces and will call for “reflection and resolution.”

He enumerated that he is “acutely conscious” that the UK has had seven prime ministers in a little over 10 years, stressing the need for more stable and responsible politics and pledging to restore faith in government.

In his final appearance at the prime minister’s office in Downing Street, Starmer said his “work is done” and that he was leaving the country “stronger and fairer” than when he took office just two years ago.

“I go with good grace, I go with a smile, and I go proud of everything that we have achieved,” he added.

After a brief audience with the king, the palace announced Starmer had tendered his resignation which Charles was “graciously pleased to accept.”

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