Economy
OML 29 not for Sale to Repay Loan—Aiteo
By Dipo Olowookere
The management of one of the leading oil firms in Nigeria, Aiteo Group, has refuted reports that the Oil Mining Licence (OML) 29 it acquired in 2015 has been put up for sale so as to repay a loan it took from a lender in the country.
In a statement issued by the company, it said, “For the avoidance of doubt, Aiteo has neither considered, initiated, nor announced the commencement of any plans to sell off ANY of its stake in OML 29.
“The reasons are patently clear. First, since the takeover of the asset we have successfully quadrupled production that it would be commercially inept to consider a disposal of any sort, now.
“Second, there are several legitimate entities that constitute ownership of the oil block, such that it would be practically impossible for us to unilaterally consider disposing of the asset.”
While describing those making the claims as “fraudsters running a reports-for-cash syndicate,” Aiteo appealed to the public to “summarily disregard these unsavoury and fabricated reports in their entirety.”
According to the firm, “The claim that Bruce Burrows’ recent appointment as our Chief Financial Officer is aimed at finding a buyer for part of Aiteo’s assets is spurious and demonstrates that the publishers’ understanding of the commercial realities in the operation of assets such as OML 29 is shallow.
“All of our stakeholders familiar with our strategic vision can attest that Aiteo continues to invest in the right people to deliver on that vision.
“Mr Burrows’ appointment is simply to further strengthen our financial discipline as one of the most innovative, reliable and diverse oil and gas companies operating in Nigeria today. Mr Burrows joins a team of highly trained, experienced and world-class talent that currently guide the day to day activities of Aiteo.
“For the record, OML 29 was indisputably, legitimately and transparently secured in an internationally conducted divestment by the private entity, Shell.
“The funding of this acquisition was made possible through a syndicated loan involving several Nigerian banks.
“Since then, we have continued to meet our financial obligations as and when due, like every other responsible, global conglomerate of our stature.”
The statement said, “Aiteo is professionally run with strong corporate governance practices very actively in place and within a structure that insulates the company from the vagaries that typify the Nigerian one-man entity.
“As we have repeatedly asked, we wish to be allowed to continue to prosecute the drive and vision that we have committedly pursued to place ourselves and the country at the cutting edge of the oil industry, worldwide.
“Those who seek to distract us from this objective will find that we will defend our position and integrity with the same application and commitment as we continue to demonstrate in the success we have achieved!”
By Aduragbemi Omiyale
The Debt Management Office (DMO) has asked retail investors interested in investing in the FGN savings bonds to begin to talk to their financial advisers.
This is because subscription for the retail bonds for March 2026 has commenced and will close on Friday, March 6, according to a circular issued by the agency on Monday.
The debt office is selling two tenors of the debt instrument, with the shorter note maturing in two years’ time and the longer maturing a year later.
Details of the notice showed that the two-year paper is being offered at a coupon of 12.906 per cent, and the three-year paper at 13.906 per cent.
Both notes are sold at a unit price of N1,000, with a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million. They can be purchased via approved stockbroking firms in Nigeria.
The FGN savings bond qualifies as a security in which trustees may invest under the Trustee Investment Act. It also serves as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited for trading at the secondary market.
The bond is backed by the full faith and credit of the Federal Government of Nigeria (FGN) and charged upon the general assets of the country.
By Adedapo Adesanya
Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials.
According to Reuters, the agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.
The final contracts are expected to be signed starting Monday, the report said, citing a source familiar with the situation.
The Nigerian government had signalled for years that it was keen to find a solution that would bring the block into production. The source wished to remain anonymous as they are not authorised to comment on government policy before an official announcement.
Located in the Niger Delta’s deepwaters, the field has languished since its initial award in 1998 to Malabu Oil and Gas, a shadowy firm controlled by Mr Dan Etete, Nigeria’s oil minister at the time. The block is estimated to hold up to 9 billion barrels of oil equivalent in reserves—enough to rival Nigeria’s entire proven reserves if fully developed.
Mr Etete controversially awarded the lucrative licence to his own company for a nominal $20 million fee, sparking immediate controversy over conflicts of interest.
The saga escalated in 2011 when Malabu sold its rights to a Shell-Eni joint venture for $1.3 billion.
Italian and Nigerian prosecutors alleged that over $1 billion of that sum was siphoned off through bribes to politicians, middlemen, and Mr Etete himself, including hefty payments to then-President Goodluck Jonathan’s associates.
The two European energy giants and some of their former and current executives, including Eni CEO, Mr Claudio Descalzi, faced trial in Italy but all were acquitted in 2021, having denied all wrongdoing.
Shell and Eni have consistently denied wrongdoing, insisting the payments complied with due diligence.
The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has pursued parallel probes, recovering over $200 million in frozen funds, but progress stalled amid political shifts.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In 2023, the federal government withdrew civil claims totalling $1.1 billion against Eni, ending the long battle.
By Modupe Gbadeyanka
The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased by at least N100 per litre at the pump.
This followed the recent increase in the price of crude oil in the global market as a result of the bombardment of Iran by the United States and Israel over the weekend.
The air strikes killed the Supreme Leader of Iran, Mr Ayatollah Ali Khamenei, and several others.
Iran has responded by firing missiles at US facilities in some Gulf countries, including Saudi Arabia, Qatar, Kuwait, Bahrain, the UAE, and others.
Crude oil prices rose to about $80 per barrel on the market from about $70 per barrel before the Middle East crisis.
Oil marketers in Nigeria have responded to the tension and have raised the prices of petroleum products.
At most MRS Oil retail stations in Lagos, the new price notice showed an increase of about N100 per litre.
As of Monday, the price of PMS was N837 per litre, but on Tuesday morning, it had changed to N938 per litre, while at NNPC retail stations, it was N930 per litre instead of the previous N830 per litre.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn