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Did Timipre Sylva ‘deceive’ Buhari in a bid to approve the controversial Seplat-ExxonMobil oil deal?

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Timipre Sylva

Did Timipre Sylva ‘deceive’ Buhari in a bid to approve the controversial Seplat-ExxonMobil oil deal?

Timipre Sylva

Timipre Sylva, minister of state for Petroleum, may have influenced President Muhammadu Buhari to approve the controversial sale of ExxonMobil shares to Seplat Energy, a decision that has now been reversed by the president, THE WITNESS reports.

Presidential sources disclosed to reporters that Sylva had encouraged Buhari to sign the deal, which Seplat Energy Plc had first announced in February, a development that surprised industry players and quickly prompted counter reactions.

 

 

Recall that on Monday, President Buhari approved the acquisition of ExxonMobil Corporation’s assets by Seplat Energy Plc despite moves by the Nigerian National Petroleum Company (NNPC) Limited blocking the deal.

The deal entails an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware, in other words, ExxonMobil Nigeria’s entire offshore shallow water business, for $1.28bn.

 

 

 

 

 

According to the deal, ExxonMobil Nigeria’s shallow water business is an established, high-quality operation with a highly skilled local operating team and a track record of safe operations.

Coming in the wake of growing divestment from Nigeria by oil majors, the deal represented yet another significant setback to the country’s oil sector, given that local players largely lack the capacity to step into the gap, which may have warranted the intervention from the state owned oil company.

 

 

 

 

 

 

 

 

 

The NNPC which opposed the deal citing overriding national interest, it would be recalled, last month won a court decision temporarily blocking Exxon from selling assets in Nigeria to Seplat.

A judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon Mobil “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.

 

 

 

 

 

 

 

However, despite the extant injunction, Seplat on Monday, announced that it had received a letter from Sylva, the minister of state for Petroleum Resources notifying it that President Buhari had approved that ministerial consent be granted to Seplat Energy Offshore Limited (a Seplat Energy subsidiary)’s cash acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from its shareholders, Mobil Development Nigeria Inc (MDNI) and Mobil Exploration Nigeria Inc (MENI), being entities of Exxon Mobil Corporation registered in Delaware, USA (“ExxonMobil”).

Seplat also stated that the approval was given by President Buhari in his capacity as the minister of Petroleum Resources, and with the granting of ministerial consent pursuant to the powers of the minister under Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969, separate announcement from the State House was released earlier.

 

 

 

 

 

 

 

It added that in the letter, the president directed that the HMSPR to convey ministerial consent to all relevant parties, including but not limited to the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”), the Nigerian National Petroleum Company Limited (“NNPC”), the ExxonMobil companies, the Federal Competition and Consumer Protection Commission (“FCCPC”), and Seplat Energy/Seplat Energy Offshore Limited.

But in a twist of events, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which had previously declined to consent to the proposed acquisition deal, said the issue at stake was a regulatory matter, adding that status quo would remain on the issue.

 

 

 

 

 

 

 

 

The NUPRC in a statement later on Monday, said that the status quo remained in respect of the ExxonMobil/Seplat Energy share acquisition.

The agency, in the statement signed by its chief executive, Gbenga Komolafe, said that “the commission (NURPC) in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

 

 

 

 

 

 

 

The statement added, “As it were, the issue at stake is purely a regulatory matter and the commission had earlier communicated the decline of ministerial assent to ExxonMobil in this regard. As such the commission further affirms that the status quo remains.

“The commission is committed to ensuring a predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”

 

 

 

 

 

 

 

 

Having discovered lapses in the deal and angered by the Sylva’s action, President Buhari on Wednesday, reversed his approval of the deal.

Garba Shehu, presidential spokesman who communicated the reversal, said the president has taken a decision that the position of the Nigerian Upstream Petroleum Regulatory Commission be supported.

 

 

 

 

 

 

 

 

He said the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.

“It has become clear that the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”

 

 

 

 

 

 

 

Sources within the Presidency had told this newspaper that there are extant laws governing such transactions, arguing that this statutory mandate lies within the purview of the Nigeria Upstream Petroleum Regulatory Commission.

One of the Presidency sources with knowledge of the transaction had told this website that the president had on July 5 issued a directive to the NNPC Limited to proceed with the acquisition of 40 per cent interest of ExxonMobil.

 

 

 

 

 

 

 

 

The source who said the approval by President Buhari still subsists, argued that that the president cannot suddenly reverse himself for a transaction of such magnitude.

Horatius Egua, senior special adviser on Media and Communication to the petroleum minister, speakingto reporters said the minister is yet to receive any communication of the president’s reversal of the oil deal, stressing that the president couldn’t have been deceived because he is intelligent enough to either consent or decline on national issues.

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Property mogul; Dr Shakirat Ayobami floats NGO

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Property mogul; Dr Shakirat Ayobami floats NGO

In the competitive landscape of Nigeria’s real estate industry, Dr. Shakirat Ayobami emerges as a formidable leader and innovative force. As the founder and driving force behind White Rose Properties, she has successfully carved out a distinct niche for herself in a sector that has historically been dominated by men. Her journey is a testament to resilience, marked by her unwavering determination to overcome challenges and break through the barriers that often hinder women’s progress in such fields.

Dr Ayobami’s strategic mindset and sharp business acumen have been pivotal in elevating her company to unprecedented heights, allowing it to thrive despite fierce competition. Her achievements reflect not only her hard work and dedication but also serve as a powerful challenge to societal stereotypes that often discourage women from pursuing ambitious careers. Despite facing scepticism and criticism from some quarters, her success stands as a beacon for aspiring entrepreneurs, particularly women, in Nigeria. Through her leadership and commitment to excellence, Dr. Ayobami is reshaping the future of the real estate sector.

Starting her career as a property realtor, Dr. Ayobami embodies the “girl child can do spirit,” which champions resilience, determination, and hard work. With years of experience that have transformed her ideas into stunning condominiums and homes that enrich the skylines of Lagos, she has remained steadfastly connected to her humble beginnings. Her journey has been one of grit; having faced significant challenges before reaching the pinnacle of the real estate business, she now owns properties in prime locations across Lagos and has built a loyal clientele. This loyalty stems from her meticulous attention to detail and her passion for delivering exceptional quality in every project.

In her commitment to giving back to society, Dr. Ayobami recently established The White Rose Foundation, a non-governmental organization dedicated to supporting abandoned children whose families can no longer afford their educational needs. Over the years, her deep sense of social responsibility has driven her to pay school fees for vulnerable children, an effort that has cost her millions of Naira. As demand for assistance grew, she decided to channel the proceeds from her business to expand her charitable efforts, ensuring that more beneficiaries could benefit from her foundation’s initiatives. In celebration of her 40th birthday, she aims to touch more lives through educational grants, reflecting her desire to empower youth and create a brighter future.

In contrast to many of her peers who might host extravagant parties to mark such milestones, Dr Ayobami has chosen to adopt over 100 vulnerable children in each state across the nation to benefit from her scholarship scheme. This initiative is designed to empower them and offer them a more promising future. She plans to initiate the selection process in her home state of Osun and subsequently extend it to Lagos State, where she resides.

“The desire to establish a charity organization stems from my own experiences as a woman, which have shaped my perspective on life,” Dr. Ayobami explains. “I recognize that to break the cycle of adversity that I endured while growing up, I must ensure that others have access to the educational opportunities I once fought for. My educational scheme is not just about empowerment; it is about opening doors to new possibilities for these children in the future.” With her unwavering vision and commitment to social change, Dr Shakirat Ayobami is making a profound impact, one life at a time.

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Dr. Ifeoma Eze Delivers Inspiring Message on Value and Purpose

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Dr. Ifeoma Eze Delivers Inspiring Message on Value and Purpose

 

Abuja, Nigeria – Dr. Ifeoma Eze, a renowned minister, author of books and wife of Prophet Okwudili Eze, General Overseer of Zion Heritage Ministries, recently delivered a powerful sermon titled “Your Gift Is an Instrument of Value.” Drawing from her book, Becoming A Person of Exceptional Value, Dr. Eze’s message challenged individuals to recognize their worth and embrace their God-given purpose.

 

During her sermon, Dr. Eze defined value as the measure of one’s usefulness through acquired skills and the ability to provide solutions. She emphasized that an individual’s value is determined by who seeks them, who needs them, and who demands what they carry.

“Value means that what you have to offer on the table of life is useful, needed, and relevant,” she stated. “It is your value that transports you to the level of relevance that you desire.”

Dr. Eze further explained that different levels of value attract different audiences. While some talents may appeal to the sick, the hungry, or the vain, others will draw the attention of kings, royalty, and influential personalities. She posed a critical question to her audience: “What kind of value do you bring, and who do you bring it for?”

To illustrate her point, Dr. Eze referenced the biblical story of Hiram of Tyre, a skilled craftsman sought out by King Solomon for his expertise in brasswork (1 Kings 7:13-14). She used this example to highlight how exceptional value creates demand and opens doors to extraordinary opportunities.

Dr. Eze also drew inspiration from Jeremiah 1:5, where God affirms that He knew His people before forming them in the womb. She urged individuals to recognize their God-given potential, declaring that everyone is uniquely gifted to become a trailblazer, a pacesetter, and a generational curse breaker.

“Before He formed you, He knew you were full of potential, loaded with greatness, and anointed for impact. He knew you would be a source of transformation, bringing people to the saving knowledge of Christ,” she proclaimed.

Her message serves as a call to self-discovery and purposeful living, reminding believers that their gifts are not merely talents but divine tools for influence and kingdom advancement.

Dr. Ifeoma Eze’s sermon aligns with the themes of her book, Becoming A Person of Exceptional Value, which continues to inspire countless individuals on their journey to discovering their true worth and fulfilling their God-given purpose.

Through her teachings, Dr. Eze is empowering people to embrace their unique gifts, break barriers, and make a lasting impact in their communities and beyond. Her work stands as a testament to the transformative power of recognizing and living out one’s value.

For more information about Dr. Ifeoma Eze’s ministry and her book, visit Zion Heritage Ministries or follow her on social media platforms.

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TETFUND plans strategic partnership with NILDS

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TETFUND plans strategic partnership with NILDS

TETFUND plans strategic partnership with NILDS

 

The Tertiary Education Trust Fund (TETFund) team led by its Executive Secretary, Arch. Sonny Echono, has visited the headquarters of the National Institute for Legislative and Democratic Studies (NIFLDS), in Abuja.

The working visit aimed at promoting strategic cooperation came on the recent announcement by President Bola Ahmed Tinubu, through TETFUND, to focus more on restoration of infrastructure in tertiary institutions at the state and federal levels.

The NILDS is an organ of the National Assembly that supports the sustenance of dynamic and effective Legislature in Nigeria; at Federal, State and Local levels and the ECOWAS sub-region.

The TETFUND team was received by the Director General of NILDS, Prof. Abubakar Sulaiman, who expressed eagerness on the possibility of collaboration between the two agencies.

Through its training programmes, NILDS enhances the capacities of legislators and staff to become more effective in carrying out their mandate; while TETFUND on its own, provides funding for educational facilities and infrastructural development.

TETFUND plans strategic partnership with NILDS

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