Economy

Akwa Ibom Tackles ExxonMobil over Asset Sale Plans

Published

4 years ago

28/03/2022

By Adedapo Adesanya

The Akwa Ibom State government has tackled Mobil Producing Nigeria (MPN) Unlimited, a subsidiary of ExxonMobil, over its recent attempt to sell off some of the state assets while there was a pending court case.

The state’s Attorney General and Commissioner for Justice, Mr Uko Essien Udom, said the Akwa Ibom State government has filed a suit to prevent Mobil from proceeding with the assets sale.

He described the move as upsetting and unbecoming of a responsible corporate citizen, adding that it was irresponsible for the oil major not to inform the state government, a critical partner, of the intention to carry out such major activity on its shared assets.

“Mobil has not formally informed the state government that they are selling and leaving. Everything we heard was from the press, which is most irresponsible for any corporate citizen. There’s been no direct contact with us. That’s an action that may frustrate the outcome of a pending court case.

“Akwa Ibom State Government had to enter a court case restraining Mobil from continuing with the proposed sale of its assets and that’s because there is pending litigation between Mobil and the government of Akwa Ibom State.

“The attempt to sell its asset, some of which may include assets belonging to Akwa Ibom State was handled in a manner that is rather upsetting.”

For context, ExxonMobil recently informed the general public that it had reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.

President, ExxonMobil Upstream Oil and Gas, Mr Liam Mallon had in a statement explained: “This sale will allow us to prioritise competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.

“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximise the value from our deepwater operations.

“When finalised, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40 per cent stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells.”

However, this seems to be an affront to the Akwa Ibom government who see the sale attempt as a move that will further frustrate the outcome of the initial court case.

“Mobil has been in Akwa Ibom State for several years and the relationship has been very good until recently. The fact that they’ll attempt to sell in a surreptitious manner without any discussion with the government of Akwa Ibom State is very distressing and not to be expected of a responsible corporate citizen.”

Giving an insight into why ExxonMobil may have dragged the state government to court in the first instance, Mr Udom said, “All the land in Akwa Ibom belong to the government, as it gives out the certificate of occupancy (CofO). Some of the certificates of occupancy purportedly old have been revoked.

“They actually sued the Akwa Ibom government challenging the revocation of some of the CofOs and the matter is pending and it is continuing.

“It is therefore a big surprise to us that in the pendency of these lawsuits, they went ahead and attempted to sell some of the assets and leave.

“That is why we have the order, stopping them from continuing the sale and removing any asset from Akwa Ibom State. The sell-out cannot be allowed to proceed because when you have parties contesting ownership of an asset, all those things would be kept in abeyance.

“The court has the right to keep what is called, ‘subject matter of litigation.’ Any attempt by either of the parties to deplete the asset or sell or dispose of them would be resisted by the court. It is contemptuous actually.”

Economy

Nigeria Bans Wood, Charcoal Exports, Revokes Licenses

Published

3 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.

The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.

Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.

“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.

The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.

Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.

On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.

“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”

The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.

Economy

Unlisted Securities Bourse Appreciates 0.24% Midweek

Published

3 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.

In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.

The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.

MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.

On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.

Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.

InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

NGX All-Share Index Nears 150,000 Points After 0.26% Growth

Published

3 hours ago

18/12/2025

Dipo Olowookere

By Dipo Olowookere

A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.

This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.

But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.

Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.

The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.

The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.

Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.

The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.

Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.

At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.