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President Tinubu to Shell Group: We are Removing Encumbrances Daily, We Expect More Investments

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President Bola Tinubu, on Thursday, in Abuja expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), emphasizing Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.

 

Receiving the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, the President said his administration will continue to ensure the security and viability of existing and new investments in the country.

 

“We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.

 

“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.

 

“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors. We need each other,” the President told the visiting delegation.

 

In her remarks, on behalf of the Shell Group, Ms. Yujnovich expressed Shell’s commitment to maintain its legacy of investments in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the Deepwater and Gas sector.

 

She outlined the company’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to ten years, aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project.

 

Furthermore, Ms. Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.

 

The Shell Global Integrated Gas and Upstream Director expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments that Shell Group is eyeing in Nigeria over the short to medium term. She commended the collaboration her team has experienced with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Special Adviser to the President on Energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualizing the potential of these projects as well as others.

 

“Mr. President, I want to be successful in my role, and I can not be successful in my role unless I can find a way to bring more new investments to Nigeria.

 

“I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger. In the deep water, we have an imminent investment opportunity in Bonga North. This is $5 billion. I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she concluded.

 

Chief Ajuri Ngelale

 

Special Adviser to the President

 

(Media & Publicity)

 

December 7, 2023

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EFCC, NUPENG Join forces against oil theft

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The National Union of Petroleum and Natural Gas Workers, (NUPENG)is seeking a collaboration with the Economic and Financial Crimes Commission, (EFCC)to fight the scourge of illegal oil bunkering in the country.

 

 

The President of the Union, William Akporeha made the request when he led members of his executive to the corporate headquarters of the EFCC in Abuja.

 

 

 

Akporeha, who commended the EFCC boss for repositioning the anti-graft agency on the path of professionalism and rule of law, stressed the need to sanitise the oil and gas industry.

 

 

Akporeha itemised some of the challenges involved in the movement of petroleum products across the country, pleading with the EFCC to always come to the aid of truck drivers experiencing difficulties in the course of their works.

 

 

 

In his response, Olukoyede said it is important that major players in the oil and gas sector collaborated with the EFCC to confront the National Economic sabotage in the sector.

 

 

 

He assured members of the union that the Commission would not arrest or detain any truck or driver who did not dabble into shady deals, noting that the process of profiling suspected oil thieves and evaluation of petroleum products involved are often long drawn.

 

 

Olukoyede promises to continue to work with every stakeholder in the oil and gas sector to ensure sanity in their operations.

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Kidnap kingpin, Boderi, feared killed as troops battle terrorists in Kaduna

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Troops of the Nigerian Army operating in 1 Division area of responsibility have neutralised some insurgents and recovered more firearms and ammunition in encounters with the criminals in the General area of Igabi, Giwa and Birnin Gwari Local Government Areas of Kaduna State.

 

A Statement by the Army spokeperson, Major General Onyema Nwachukwu said a notorious terrorist, Boderi, who orchestrated many high profile kidnappings including those of the Yauri school girls, Greenfield University students and the Nigerian Defence Academy attack may have been killed alongside another kingpin, Bodejo in the ambush.

 

The statement said while on a fighting patrol along Maganda-Dausayi – Mugaba axis, troops came under fire from insurgents who employed rustled herds of cattle as shields while they engaged the troops with direct fire. Two of the terrorists were killed in the process and arms as well as other items including 1 Techno phone, 3 Hilux vehicles and motorcycle keys, wraps of substance suspected to be marijuana, tramadol tablets and the sum of 13,200 Naira only, were recovered.

 

Also, during the encounter, some of the rustled livestock used as shield by the insurgents were caught in the crossfire. Troops are still on the trail of the fleeing insurgents and remain resolute on ridding the area of armed violence according to the army.

 

In a separate operation, conducted by troops of 1 Division of the Nigerian Army on Wednesday 22 February 2024, the troops successfully ambushed marauding insurgents along the Bada – Riyawa axis on the Kaduna – Birnin Gwari Road. In the encounter, troops killed 6 insurgents and recovered arms and 19 motorcycles which were destroyed.

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Senate confirms Cardoso Chairman, CBN’s Monetary Policy Committee, 11 others as members

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The Nigerian Senate has confirmed the appointment of Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of the Monetary Policy Committee alongside eleven others.

 

 

The confirmation follows the adoption of a report of the committee on Banking and other Financial Institutions presented by its chairman Adetokunbo Abiru (APC Lagos East).

 

 

Abiru, in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee.

 

 

Abiru further stated that the Senate Committee on Banking did not receive any petition against the nominees.

 

 

He added that the nominees were all cleared by the Nigeria Police Force and the State Security Services and possessed the Code of Conduct Bureau acknowledgment slip.

 

 

 

Other lawmakers in their submission charged the newly confirmed Members of the MPC to come up with proper economic policies to salvage the current situation in the country.

 

 

Those confirmed are CBN Deputy Governors, Mohamed Sani Abdullahi , Bala Bello, Emem Usoro and Philip Ikeazor.

 

 

Others are the Director General, Security and Exchange Commission (SEC), Lamido Yuguda, Permanent Secretary Ministry of Finance, Jafiya Shehu, murtala Sabo Sagagi, Aloysius Uche, Aku Paulin, Mustapha Akinwumi and Bandele Amon.

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