All Posts in "Day: December 8, 2022"

Lekoil Nigeria,Cayman Subsidiary Settle Dispute 

Lekoil Nigeria Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa,and  Lekoil Limited,a Cayman Islands litigation asset company have terminated all legal proceedings and settle all claims made by or between the parties.
The parties have been at loggerheads since early 2020 in connection with a number of matters including the rights of Lekoil Cayman under the shareholders agreement in respect of the Company, the various inter-company loans granted by Lekoil Cayman to Lekoil Nigeria and its related entities.
A statement on Thursday said the settlement covers all the  disputes that arose between Lekoil Nigeria Limited,  Lekoil Cayman and Mr. Lekan Akinyanmi concerning the management of Lekoil Cayman and related entities,  proprietary interests, liabilities and contractual and non-contractual rights and obligations of the parties.
According to the statement,Lekoil Nigeria Limited, Lekoil Cayman and Mr Akinyanmi, among others, have agreed and entered into a settlement deed to release and discharge of all relevant claims, withdraw legal proceedings, surrender of certain shares and other transactions, as well as agree a new framework for their future relationship.Part of the agreement reached will require Lekoil Cayman to change her name and cease using the “Lekoil” name or brand in connection with its continuing business.
Lekoil Cayman has also agreed with Savannah Energy to cancel the Option Agreement with Savannah Energy. In addition, the shareholders agreement between Lekoil Nigeria and Lekoil Cayman will be terminated.
Speaking on the historic agreement,Chairman of Lekoil Nigeria Limited, Mrs. Aisha Muhammed-Oyebode,said: “We are pleased with the amicable resolution of the issues. This agreement illustrates the tenacity and commitment of all the parties to delivering long-term value to shareholders.I thank members of the board of Lekoil Nigeria as well as our partners for their understanding and support during the difficult period that we witnessed in the last two years. We remain optimistic about the future and are assured that brighter years are ahead”.
It added that the implementation of the arrangements require the approval of Lekoil Cayman’s shareholders
admin by — December 8, 2022 in Oil&Gas 0
NCC Names Airtel As Sole Bidder Of 3.5GHz Spectrum Band

The Nigerian Communications Commission (NCC) has announced that Airtel Networks Limited (Airtel) has emerged as the sole Bidder for the advertised 3.5GHz spectrum band.
The commission said that by the close of business on Monday, December 5, 2022, only two companies had expressed interest in the auction of the 3.5GHz Spectrum band; Airtel Networks Limited (Airtel) and Standard Network & Connections Limited (Standard Network).
 Reuben Mouka, Director, Public Affairs, of NCC,said in a statement that only Airtel paid the Intention to Bid Deposit (IBD) as stipulated in the Information Memorandum (IM) whereas, Standard Network sent an email appeal for the deadline to be extended by 12 working days which was not acceptable in view of the auction timetable.
The commission said having met all the provision in the IM, Airtel has, therefore, emerged as the sole bidder.
It added that there shall be no further bidding and that the Commission will proceed to the assignment stage in line with the published information memorandum guiding the licensing process.
admin by — December 8, 2022 in Business 0
Shell’s Golf Tournament Attracts Serving,Retired Leaders

L-R: General Manager, Safety and Environment, Shell Nigeria, Elozino Olaniyan; Vice President Midstream, Henry Bristol; former Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Chike Onyejekwe; SNEPCo Managing Director, Elohor Aiboni and Shell Nigeria Vice President, Human Resources, Olukayode Ogunleye, at the Golf Kitty retreat organised for serving and retired leaders of Shell Nigeria at the Lakowe Golf Course, Lagos… recently.
admin by — December 8, 2022 in News 0
Reps Seek Speedy Exploration Of Crude Oil In Bida Basin

The House of Representatives implored the federal government to expedite action on the planned exploration of hydrocarbon (crude oil) deposit in the Bida Basin.
The House also urged the Federal Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company (NNPC) Limited to conclude the geophysical survey that the defunct Department of Petroleum Resources (DPR) started in order to ascertain the availability of hydro-carbon in commercial quantity in Bida Basin.
The resolution sequel the consideration and adoption of a motion on notice on the ‘Need to Fast-Track Geo-Physical Survey/Seismic Data Acquisition to Ascertain availability of
Hydro-Carbon in Commercial Quantity in the Bida Basin,’ brought by Hon. Saidu Musa Abdullahi, member representing Bida/Gbajo/Kacha federal constituency of Niger State.
Presenting the motion,the legislator noted that “the Bida Basin also known as the Mid-Niger Basin comprises of eight Local Government Areas including Mokwa, Lavun, Gbako, Bida, Katcha, Agaie, Edati and Lapai in the Southern part of Niger State which extends to two Local Government Areas in Kwara State and one in Kogi State.
“The Group Managing Director (GMD) of Nigerian National Petroleum Company Limited (NNPCL) during a visit to the Executive Governor of Niger State, His Excellency, Alhaji Abubakar Sani Bello to unveil the 2D Seismic Data Acquisition in the Bida Basin in 2020, announced that the NNPCL had commenced oil exploration activities in the Area and that the exploration could add 40 billion Barrels to Nigeria’s oil reserves by 2023.
“The Group Managing Director of Nigerian National Petroleum Company Limited is responsible for the Frontier Exploration Services in 2020 noted that in-depth Geo-logical and Geo￾chemical studies revealed a strong presence of hydrocarbon-bearing indicators confirmed as oil and gas-bearing formations.
“The seismic data acquisition contract on the identified areas to determine the volume of the hydrocarbons in the Bida Basin was awarded to Integrated Data Services Limited and the China National Petroleum Corporation International Nigeria Limited by the NNPCL management.
“The discovery of oil in another region of Nigeria is good news for the country’s
energy sector and that if the volume of oil in the Bida Basin is established and exploration activities commence fully, Nigeria may, in the near future, overtake Libya, the country with the largest oil reserve in Africa.
“Expectant that the Federal Ministry of Petroleum Resources and its relevant Agencies would expedite action for the continuation of the oil exploration activities at the Bida Basin Niger State and other Basins in the country.
“President Muhammadu Buhari has directed the NNPC Management to fast-track oil exploration across the Country, following Shell’s discovery of hydrocarbons in the Chad Basin and Kolmani River, while the NNPC heeded President Buhari’s directive on the Chad Basin as the people of Niger State are anxious about the slow pace of oil exploration activities in the Bida Basin,” he noted.
The House  mandated the committees on Petroleum Resources (Upstream) and Legislative Compliance to ensure compliance.

 

admin by — December 8, 2022 in News 0
EFCC Begins Public Auction of 435 Cars In Lagos

The Economic and Financial Crimes Commission, EFCC, has begun auction of 435 cars, which are subjects of final forfeiture orders in Lagos, in line with the EFCC (Establishment) Act 2004; Public Procurement Act 2007 and the Proceeds of Crimes (Recovery and Management) Act 2022.
The exercise scheduled to take place across the Commands of the Commission, started on Tuesday, December 6, 2022 in Lagos with inspection of items by members of the public, while the auction exercise began today, Wednesday, December 7 and continues on Thursday, December 8, 2022.
The items are available in four locations: 40, Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos and CVU Obalende, Ikoyi, Lagos.
Speaking during the opening ceremony, Dr.George Ekpungu, Secretary to the Commission and Chairman, EFCC Asset Disposal Committee, ADC, said, “The exercise, which is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC Headquarters, is being carried out in accordance with the (Establishment) Act, 2004, Public Procurement Act, 2007 and Proceeds of Crimes (Recovery and Management) Act, 2022.
He added:“It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws.”
Welcoming the auctioneers to the centre,
Ekpungu expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.
Ekpungu also implored members of the public present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.
The nine  auctioneers  who were allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at designated Centre on 14 Cameron Road , Ikoyi , Lagos are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources  Limited; BIS N JEG;Integrated Services Nig.Ltd;Mau & Sons Ltd.; Langar Aghaji & Co.; Fagobe Company Ltd and Musa Kira and Co.
The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were allocated to auctioneers based on assessed values and open ballot system.
admin by — December 8, 2022 in News 0