News

NNPCL: Buhari Launches Oil Drill At Chad Basin, Targets 732m Barrels

Published

3 years ago

May 23, 2023

Editor

Five years after the search for oil at the Lake Chad Basin was suspended, President Muhammadu Buhari yesterday flagged off the Wadi-B drilling campaign with the well expected to yield 732 million barrels of crude oil in the coming years, if successful.

The search for oil in the Chad Basin was suspended in 2017 after Boko Haram terrorists adopted scientists and geologists working for a subsidiary of the Nigerian National Petroleum Corporation, leaving some dead.

The Wadi-B well is located in Tuba Community, Jere Local Government Area, 50km away from Maiduguri, the Borno State capital.

Speaking virtually at the flag-off, President Buhari said the event marked the formal resumption of physical activities and the exploration of crude oil and gas in the Chad Basin area.

He noted that while search for oil began in the region in 1976, it was not until 1985 that sub-commercial gas was discovered.

While expressing optimism that the re-entry of NNPC Limited into the Basin would yield better results, he stated that successes recorded in the Komani oil field and Ebenyi-A Oil Well in Nassarawa State were clear indicators of success in the Wadi-B oil field.

Also speaking at the event, the Group CEO of NNPC Limited, Mele Kayri expressed confidence that the drilling campaign will be successful, adding that the last oil drill performed at the Basin was done in 1995.

He explained: “We stopped drilling here in 1995 because the successes were weak, and findings were not commercial. We understood very clearly that we have to understand the Basin very well, we need to have a different approach to exploration activities in this Basin.

“That is why NNPC and her partner, the NUPRC, decided to embark on a data review on all the frontier basins in the country and our findings have been useful. Our understanding of the ridge system in Nigeria has enabled us to have successful outcomes in the Kolmani area and enabled us to mobilise to Nasarawa State.

“Now we are back here and we are much more confident, and we believe that this campaign will be successful”, the NNPC Limited boss added.

On his part, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe disclosed that the drill was expected to yield about 943 billion barrels of crude oil if successful.

He explained that the OPL 732 well is part of the Federal Government’s effort to boost Nigeria’s crude oil reserves from the current 37 billion barrels to 40 billion barrels by the year 2030.

Also speaking, the Governor of Borno State, Prof. Babagana Zulum, observed that the project would have a positive impact on the socio-economic status of the state.

He, therefore, pledged the support of the state government and local communities for the success of the project.

Giving a technical detail of the project, the Executive Director, Frontier Exploration Services, NNPC Limited, Mukhtar Zanna explained the drilling will reach a depth of 14km using the ACME rig.

Zanna pointed out that geologists have seen many potential reservoirs “and that’s what we are here to prove that the hydrocarbon here could be oil, gas or both”.

According to him, “We are very optimistic (of finding hydrocarbons in commercial quantity) because we reviewed the data, and also deployed new technologies”.
VANGUARD

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

15 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

37 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.