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

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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.

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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.

READ ALSO: Nigerian Woman Dies In UK After Graduation

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)”.

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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.

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READ ALSO: Israel Detains Two Sisters Of Killed Hamas Leader Aruri

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.”

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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%).

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‘We Cure Madness With Madness’: Five Things To know About Taye Currency

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The name ‘Taye Currency’ has continued to trend on social media following the Fuji music artiste’s performance at the coronation of the 44th Olubadan of Ibadan, Oba Rashidi Adewolu Ladoja, on Friday.

Taye Currency, during his performance at the coronation event which took place at Mapo Hall in Ibadan, rendered a line in Yoruba, “Were la fi n wo were,” which translates to “we cure madness with madness.”

The line, which seems not to have sat well with many Nigerians, particularly those of Yoruba heritage, has continued to generate a lot of criticism, with many opining that such lyrics were not befitting for the occasion, which had in attendance dignitaries including President Bola Ahmed Tinubu, governors, ministers, traditional rulers, and other crème de la crème of society.

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Reacting to the development, the Olu of Kemta Orile in Odeda Local Government Area of Ogun State, Oba Adetokunbo Tejuosho, criticised Taye Currency for what he described as “classless and unbefitting lyrics.”

According to him, the musician failed to accord the coronation its due respect, describing his lyrics as unbefitting of the sacred ceremony.

READ ALSO:Ogun Monarch Slams Taye Currency Over Performance At Olubadan Coronation

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He said, “The throne of our ancestors is not a stage for mockery, nor the coronation of a great monarch a subject for careless entertainment.

“Kingship is sacred, adorned with honor and guarded by tradition. It demands reverence, dignity, honor, class and the utmost respect from all who stand in its presence.

“Listening to the musician (Taye Currency), who was invited to render music before the Crown, as a matter of fact before the entire world, to serenade the audience and sing in a way to express admiration, singing songs like (were lafi n wo were) We use madness to cure madness.

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“Such lyrics were classless and unbefitting of such occasions, it is insulting to the sacredness of the gathering.”

While Taye Currency is well known among Fuji music lovers, especially those from Ibadan, the Oyo State capital, his performance at the Olubadan coronation has made people want to know more about him.

READ ALSO:BREAKING: Ladoja Crowned 44th Olubadan, Set To Receive Staff Of Office

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In this article, Tribune Online takes a look at five things to know about the trending Fuji musician.

1. Full Name and Age

His full name is Taye Akande Adebisi. Apart from his popular stage name, Taye Currency, he is also known as ‘Apesin.’ He celebrated his 50th birthday on December 17, 2024.

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2. Appointment as Special Adviser on Culture and Tourism

Oyo State Governor, Seyi Makinde, appointed him as Special Adviser on Culture and Tourism in 2019 during the governor’s first tenure.

READ ALSO:Olubadan Unveils Economic Plan For Ibadanland

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3. Father of a Lawmaker

In 2019, Taye Currency’s son, Yusuf Oladeni Adebisi, was elected into the Oyo State House of Assembly to represent Ibadan South-West Constituency 1, which earned Taye Currency another nickname, ’Baba Honorable’ (Honourable’s father). He was re-elected in 2023 as a lawmaker on the platform of the Peoples Democratic Party (PDP).

4. Financial Setback

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In April 2025, Taye Currency publicly lamented that he lost N10 million to CBEX, a crypto/investment scheme many now regard as a collapsed Ponzi platform. He explained that he was convinced to invest by close associates, only to see the scheme crumble shortly after.

5. Affiliation with Pasuma

Taye Currency has often maintained that although he never learnt Fuji music from his senior colleague, Wasiu Alabi Odetona, popularly known as Pasuma, whom he first met in 1993, he still considers him a boss.

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JUST IN: PENGASSAN Strike May Trigger Nationwide Blackout, Thermal Plants Shut Down

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Nigerians may face a nationwide blackout from Monday as power generation companies have raised the alarm over an imminent shutdown of thermal plants following directives from the Petroleum and Natural Gas Senior Staff Association of Nigeria.

The Executive Secretary of the Association of Power Generating Companies, Joy Ogaji, raised the alarm over the imminent blackout in a WhatsApp message on Sunday.

She revealed that gas suppliers had issued notices to halt supply to thermal power stations in line with PENGASSAN’s strike resolution.

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READ ALSO:Why We Rejected Govt’s Plan To Sell Assets – PENGASSAN President

Good day, all. Thermal GenCos have received notification from our gas suppliers to shut down our thermal power plants following directives from PENGASSAN. The Nigerian Gas Infrastructure Company has specifically requested GenCos to comply,” Ogaji said in the post.

She warned that the development could plunge the country into darkness, as hydroelectric dams alone cannot sustain the national grid.

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Please all be notified of the imminent darkness, as hydros alone cannot sustain the system,” she added.

READ ALSO:PENGASSAN Shuts OML-18 Over Labour Dispute With NNPC Subsidiary

The warning comes hours after PENGASSAN announced that it would commence a nationwide strike on Monday to protest the dismissal of over 800 workers at the Dangote Petroleum Refinery.

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The oil workers’ union, after an emergency National Executive Council meeting on Saturday, directed its members in all oil and gas installations to down tools until the sackings were reversed.

The action could cripple crude production, fuel supply, gas distribution and now electricity generation, worsening the hardship faced by Nigerians.

With thermal stations accounting for more than 70 per cent of Nigeria’s electricity supply, industry experts say the shutdown will trigger widespread outages, stretch hydro plants beyond capacity and heighten the risk of a nationwide system collapse.

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Customs Launches One-stop-shop To Cut Cargo Clearance To 48 Hours

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The Nigeria Customs Service (NCS) says it has officially introduced its ‘One-Stop-Shop (OSS)’ initiative aimed at reducing cargo clearance time to 48 hours.

NCS spokesperson, Abdullahi Maiwada, made this known in a statement on Sunday in Abuja.

Maiwada said the initiative was unveiled recently during a meeting between NCS management and Customs Area Controllers, chaired by the Comptroller-General (C-G), Adewale Adeniyi, in Abuja.

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He said the meeting deliberated on the service’s modernisation agenda and the role of leadership in driving reforms across commands.

READ ALSO:10 Things Candidates Should Know About Customs Recruitment CBT Exams

Maiwada quoted the C-G as describing the OSS as a “transformative shift” which aligned with global best practices and the Federal Government’s Ease of Doing Business policy.

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Adeniyi said the reform was designed to sanitise operations, reduce duplication of efforts and ensure predictability in customs procedures.

The OSS initiative will not only shorten clearance time from 21 days to 48 hours, but it will also strengthen trader confidence, restore transparency and make our operations more business-friendly,” Adeniyi said.

The C-G acknowledged the role of technology in customs operations but also emphasised the importance of physical engagement with officers.

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As much as technology has helped us, it has its limits. There are moments when physical presence, coming together under one roof, adds weight and value to our deliberations,” he said.

The NCS boss said the reform would be piloted at Apapa, Tin Can Island and Onne Ports before being rolled out nationwide.

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He added that the initiative was constitutionally supported by the NCS Act 2023 and aligned with the World Trade Organisation’s Trade Facilitation Agreement (TFA).

This is not just a policy. It is a statement of intent that reflects our determination to build a modern, transparent and trader-friendly Customs Service,” he said.

READ ALSO:Customs Intercepts N5.1b Illicit Drugs From India, Canada At Lagos Airport

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The spokesperson said that under the OSS framework, all customs units would work jointly on flagged declarations, eliminating multiple checks and reducing delays.

According to him, consignments cleared under the OSS will not be subject to re-interception, thereby reducing costs and enhancing trade facilitation.

He said the meeting also provided a platform to review the NCS accountability framework, including a new central dashboard that tracks clearance times, interventions and stakeholder satisfaction.

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