Business
Intrigues as NNPC Exploration and Production Limited (NEPL) and NECONDE Struggle to Develop 0ML42 By Efemina Williams
Intrigues as NNPC Exploration and Production Limited (NEPL) and NECONDE Struggle to Develop 0ML42
By Efemina Williams
Our attention has been drawn to recent false and malicious publications regarding the investments of well-known philanthropist and entrepreneur, Dr. Ernest Obiejesi (OFR) in 0ML42. Dr. Obiejesi for more than 4 decades, either directly or through any of his associated investments played major roles in the growth and development of host communities.
For the records, the 0ML42 is an Asset owned by NEPL and Neconde but operated by NEPL. The NEPL and NECONDE partnership has been riddled with all manner of intrigues and drama to the chagrin of the host communities who have patiently awaited improvements in their livelihood and those of their loved ones.
It is a pity that stakeholders including the host communities, the Nigerian government, and her people have been denied the expected benefits from this Asset. A value-driven approach to ensure uninterrupted production of hydrocarbons from the field has consistently been fought against by some elements who are just interested in procurement and award of contracts.
This unfortunately was the case for nearly a decade until the government decided on an alternative funding mechanism that is envisaged to bring a disciplined and more accountable approach to operations. Sadly, this is not what inspires those who do not believe in integrity. Dr. Obiejesi has been nicknamed a “fighter.” I heard that the man has been fighting those bad elements. Personally, I do not like fighting, but if fighting will enable him to achieve his years-long desire of bringing a disciplined, transparent, and more accountable approach to operations in the 0ML42 Assets, then let him fight on. It is for good. But I don’t envy him.
As I said, I do not like to fight, but can you blame the man? For instance, it is unbelievable that the Asset will be allowed to shut down at a time when the Federal Government is demanding an increase in production and oil prices are nearing US$100 per barrel. Besides, Chimaobi Okoro who is the NEPL representative on the Asset appears to be more interested in jumping from one Asset to another, not too long ago, he moved into OML 42 and since then the production and stability that was being achieved with the community and vendors seems to have fallen apart as he seem to be interested in non-value driven contract award rather than well thought out quality execution strategies, asset stability and production.
Recently a vendor supplied fuel (VLSFO) that was of very poor quality but was rejected by a vessel owner (another contractor) but some incorrigible members of the Asset team are pushing that this should be accepted and paid for even if it won’t be used. Upon inquiry, it was realized that these government officials who use these funds to support their families in Canada, purchasing houses in Dubai and Lekki, and have expensive lifestyles that are way above their salary income.
They work with some dissident community elements and are fighting desperately to ensure they grab these fictitious contracts disguising themselves as community contractors, instead of pushing for the Petroleum Industry Act (PIA) and the development of the Asset that will benefit genuine investors, the Government, and the community.
As a community, we can say that we have seen it all. We have observed these two “supposed” JV partners hurl aspersion at each other, and we have observed a lazy and lackadaisical approach to Corporate Social Responsibility (CSR). Recently we have observed the return of old players who honed their skills in nefarious activities during the AMT period. These “returnee” old players have been doing all manner of things in order to scuttle a recent beneficial solution championed by Dr. Ernest with the alternative funding mechanism — Financing and Technical Service Arrangement.
I care little about Dr. Ernest as a person and his riches, but I doff my hat for his tireless persistence to bring transparency and increase production for the benefit of Nigeria and Nigerians. But I must say that I still hold the entities NEPL and NEL responsible for the state of affairs in 0ML42.
It is known widely within the community that Dr. Ernest for several years undertook the burden of a CSR initiative termed the Peace Bonus. He had wisely put structure to the initiative which prevented the bad apples within NEPL and NEL from dipping their proverbial hands in the cookie jar. This wise initiative has been ensuring that the community has full transparency on the remittance. When he struggled under the low oil price regime, he still insisted that enhanced CSR- GMOU- practice being deployed by the IOC should be implemented on the Asset.
Once again to ensure transparency, a well-known astute, and principled community member with a consultancy practice was assigned this promising task. Today, the PIA Chapter 3 (Host Community Development Trust Fund) which by law requires that the Settlor (NEPL as Operator) should implement within the deadline of August 2022 is yet to be done. I keep wondering, why NEPL is still the operator? While it may be evident that there are indeed bad apples in these organizations who are vision scuttles, it may be said that the mistake Dr. Ernest continues to make is that he has left his precious investment to be attended to by persons who have not invested a dime and essentially have nothing to lose.
Williams, a seasoned Public Analyst, writes from Asaba, Delta State
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING