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FG’ll Approve Shell’s $2.4bn Asset Sale – Minister

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The Federal Government is not going to impede legitimate business transactions in the oil sector and won’t waste time to approve the $2.4bn onshore asset sale of Shell, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said.

He, however, pointed out that this would be based on the fact that the oil major provides the necessary documents.

Shell, a British energy major, recently announced that it had reached an agreement to sell its Nigerian onshore subsidiary – Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4bn after about a century of operations in the NIger Delta.

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Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group, confirmed the deal.

Shell had stated in a statement that the “completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.”

Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Lokpobiri addressed Shell’s decision to sell its onshore assets to the consortium of five Nigerian and international companies.

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He affirmed the Federal Government’s commitment to fostering a business-friendly environment in the oil and gas sector, according to a statement issued in Abuja on Thursday by his media aide, Nneamaka Okafor.

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Commenting on the divestment move of Shell, the minister said, “On the part of the government, once we get the necessary documents, we will not waste time to give the necessary considerations and consent.”

Responding to concerns about international oil companies diversifying their onshore assets, the minister highlighted the positive aspects of the diversification.

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He noted that Nigeria loses nothing, as such moves create opportunities for indigenous companies with the capacity to acquire and professionally manage these assets, leading to increased profitability and the maximisation of their potential.

Addressing potential negative impacts on the country, Lokpobiri reassured Nigerians that the diversification would not adversely affect Nigeria.

 

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Bauchi Commissioner Gifts 3 Students Cash For Prompt Resumption, Ability To Read

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The Bauchi state Commissioner for Education, Dr Jamila Dahiru, on Thursday, gave a cash gift of N5,000 each to three Senior Secondary II students of Government Science Secondary School, Misau for their determination to succeed in Education.

Two of the students, Adamu Adamu, Mustapha and Haruna impressed the commissioner for their presence in school in the first day of resumption while Abdullahi Musa marvelled her for his reading ability and comprehension.

According to the commissioner, the gesture was to appreciate their determination to learn as well and motivate other students to emulate them.

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While paying a courtesy visit to the Emir of Misau, Alh. Ahmed Sulaiman, the commissioner disclosed that the Bauchi State government was working with stakeholders from the Misau Emirate to fine-tune modalities of temporarily accommodating the students of Federal Science Technical College, Misau at its Science Secondary School Misau.

She said the college made the request in a letter to the ministry stating that the facility given to them could no longer accommodate their students population, hence the resolve to convene the stakeholders meeting to fine-tune ways of sharing the facility for the betterment of the state.

READ ALSO: FG, States, LGs Share N1.2tn In May

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She disclosed that government science secondary school Misau, one of the best in the state in terms of befitting facilities has the capacity to accommodate up to five thousand students, but currently houses about three hundred students.

She appreciated the Emir for his continued support to programmes and policies of the government with more emphasis on the education sector.

Speaking on behalf of the Emir and other stakeholders, a retired Director with the Ministry, Muhammad Musa, expressed gratitude to the Commissioner for the honour and promised to assemble critical stakeholders from the emirate so as to arrive at an acceptable decision for the benefit of all and sundry.

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NDIC Obtains Order To Wind Down 96 Microfinance, Mortgage Banks

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The Nigeria Deposit Insurance Corporation has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria in May 2023.

The Managing Director, NDIC, Bello Hassa, revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos on Thursday organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.

Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”

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READ ALSO: FG, States, LGs Share N1.2tn In May

He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.

Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”

Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.

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JUST IN: 36 Speakers Back State Police

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Speakers of the 36 Houses of Assembly in Nigeria on Thursday expressed support for the National Assembly’s ongoing efforts to alter the 1999 constitution to create state policing in the country.

The Speakers made their resolution known at the end of their meeting in Abuja.

The Senate and House of Representatives are currently working to amend various constitutional provisions, including those regarding state police, financial autonomy for local government, fiscal federalism, and mayoral status for the FCT.

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READ ALSO: Military Declares Nigerien Terrorist Wanted For Zamfara Killings

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