News

Shell Agrees To Sell Nigerian Onshore Subsidiary, SPDC For $2.4bn

Published

2 years ago

January 16, 2024

Shell Plc said it has “reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited.”

The SPDC is to be sold to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group for $2.4 billion.

However, the Shell said the completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

In a statement on its website on Tuesday, it was disclosed that the transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership.

This, it said, “includes the technical expertise, management systems and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

The statement added that SPDC’s staff will continue to be employed by the company as it transitions to new ownership.

“Following completion, Shell will retain a role in supporting the management of SPDC Joint Venture facilities that supply a major portion of the feed gas to Nigeria LNG (NLNG), to help Nigeria achieve maximum value from NLNG,” the statement read partly.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions” the statement quoted Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, as having said.

The statement added, “It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

The SPDC JV is an unincorporated joint venture comprised of SPDC Ltd (30%), the government owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Nigeria Agip Oil Company Ltd (5%).

News

Boko Haram Once Nominated Muhammadu Buhari As Negotiator – Jonathan Revealed

Published

3 hours ago

October 3, 2025

Editor

Former President Goodluck Jonathan on Friday, disclosed that Boko Haram insurgents once nominated the late ex-President Muhammadu Buhari as their negotiator.

Jonathan said Boko Haram chose Buhari to negotiate with the Nigerian government on their behalf.

He made the disclosure while speaking at the public presentation of Scars, a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (retd.), in Abuja.

Jonathan said the insurgents named Buhari after his then-administration set up several committees to explore dialogue with the group.

Jonathan said: “One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.

“So I was feeling that, oh, if they nominated Buhari to represent them and had a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them and they would have handed over their guns. But it was still there till today.”

Jonathan noted that the inability of Buhari to eradicate Boko Haram terrorists showed that the crisis was more complex than often portrayed.

News

Edo: Pandemonium As NDLEA Operatives Chase Escaping Driver With Shooting

Published

5 hours ago

October 3, 2025

Editor

There was pandemonium at Oka Market, Upper Sakponba Road, Benin City, Friday, as operatives of the State Command of Nigerian Drug Law Enforcement Agency (NDLEA) shot sporadically in chase of an escaping driver.

In the course of the commotion, traders and residents took to their heels, probably to avoid being hit by stray bullets, while others were confused, not sure of what caused the sporadic gunshots.

The sporadic gunshots which lasted more than five minutes at the gate of the NDLEA Head Office, by Oka Market, followed a hot chase of an articulated vehicle driver who was said to have brushed their (NDLEA) vehicle.

The driver, who reportedly brushed the NDLEA vehicle refused to stop for negation, which prompted officers at the scene to alert their colleagues who waited at the alert.

According to eyewitnesses, as the escaping articulated driver approached the NDLEA office, officers who were said to have been alerted by their colleagues pursuing the trailer began to shoot.

Seven of the tyres of the trailer were deflated by bullets of the NDLEA operatives yet the driver refused to stop.

The officers continued to shoot while pursuing him, until he was caught.

A source said that the driver brushed their vehicle on the way, and that every effort by the officers to stop him so they could settle the matter proved abortive; hence the gunshots and deflation of the tires.

“It was a simple thing; they jammed our men, but the officers tried to stop him so that they could settle, but the driver refused to stop. That is why the men have been shooting to stop him. Even after bursting about seven tires, he was still running, but we caught him and they are bringing him back to our office,” he concluded.

Calls and messages sent to the commander, Edo State NDLEA Command, Mr. Mitchell Ofoyeju, were not responded to as at when filing this.

News

JUST IN: Court Bars Police From Enforcing Tinted Glass Regulation

Published

7 hours ago

October 3, 2025

Editor

The Federal High Court sitting in Warri has issued an order directing the Nigeria Police Force and the Inspector-General of Police to maintain the status quo in the ongoing case concerning the controversial tinted glass permit.

The case, Suit No. FHC/WR/CS/103/2025: John Aikpokpo-Martins v. Inspector-General of Police & Nigeria Police Force, came up for hearing today.

Delivering the interim order, the Court directed the police authorities to respect judicial processes pending further proceedings in the matter.

Confirming the development, Kunle Edun, SAN, who led the legal team, noted that the directive is a major step in ensuring that the rule of law is upheld while the substantive issues in the case are being determined.

Details of the ruling and the next adjourned date are expected shortly.

Further updates coming soon…