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NNPC says it has $1.4 billion secured for Chevron, NNPC drilling project

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Chevron Nigeria Ltd. (CNL) says $1.4 billion financing has been secured to fund its joint venture infill drilling project from 2022 to 2026 with the Nigerian National Petroleum Corporation (NNPC).

The project includes drilling of 37 wells in the offshore and onshore Escravos area of Delta.

CNL’s General Manager for Policy, Government and Public Affairs, Esimaje Brikinn, made the disclosure in a statement on Friday, adding that the financing arrangement was executed on November 30.

According to him, the project includes the drilling of 37 wells in the offshore and onshore Escravos area of Delta.

“This project will help to monetise reserves and increase production by arresting decline and supporting domestic gas supply.

“The project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialisation,” he said.

The manager said that NNPC/CNL JV recognised the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that could deliver near term production.

He reiterated that NNPC/CNL JV was one of the largest producers and investors in Nigeria.

“CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people.

“CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress,” Mr Brikinn said.

Flutterwave, CeBIH collaborate for 2022 Conference to secure, advance payment ecosystem in Nigeria

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Flutterwave, Africa’s leading payments technology company, partners with the Committee of e-Business Industry Heads (CeBIH) to host the 2022 Annual CeBIH Conference towards growing and securing the payments ecosystem in Nigeria.

The conference which holds in Lagos on Friday, December 2nd, 2022, promises to chart the course for combating fraud in payments.

This collaboration shows a renewed commitment by Flutterwave to support conversations that create a safe and secure digital payments ecosystem for all Nigerians.

Formed in 2008, CeBIH seeks to achieve the primary objective of promoting electronic banking services in line with global practices by serving as a forum for Heads of e-Business/e-Payments in Nigerian deposit-money banks to share ideas and experiences.

This year’s event, which is the 10th edition, will be a gathering of industry leaders to celebrate the gains, including the giant strides made by CeBIH in the ecosystem.

Commenting on the choice of the theme, CeBIH Chairman, Celestina Appeal said “Solving the payment challenges and fraud risks in emerging markets like Nigeria requires collaborative efforts and strategic partnerships.

“The focus of this year’s conference is very apt considering the menace of the increase in the volume and value of fraud incidents which undermines our collective efforts as an industry.

“The theme also underscores a major focus for the current leadership of CeBIH which is an effective combat against fraud through collaboration with all stakeholders, be it public or private sector”.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said “We are excited to be working with CeBIH again as it provides us with the opportunity to showcase our passion for making the payment ecosystem safe and secure for everybody out there.

“It helps us network with key stakeholders and partners in the industry where we are able to foster strategic partnerships and collaborations.

“The trend seen globally is that as companies innovate to improve the technology that make e-payment seamless for consumers, cybercriminals also improvise their strategies to commit frauds”, GB added.

The Nigeria Inter-Bank Settlement Systems (NIBSS) statistics showed that about N3.5 billion was lost to fraud-related incidents between July and September 2020.

With speakers such as Premier Oiwoh, Managing Director of NIBSS; Mobibbo Haman Tukur, Director & CEO, Nigeria Financial Intelligence Unit; Dr. Peter Obadare, Co-founder & Chief Visionary Officer, Digital Encode; Dr. Blaise Ijebor, Risk Management Department, Central Bank of Nigeria; Wole Oyeniran, Partner, Enterprise Technology & Performance Consulting (West Africa) at Deloitte & Touche, and Emmanuel Efenure, Head of Risk (Africa) at Flutterwave, the conference promises to lay down guidelines for building an ecosystem with zero-tolerance for fraud.

Bank rejected rotten Naira notes, says Adesina

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Following the move by the Central Bank of Nigeria, CBN, to redesign some Naira notes, the presidency has revealed how the development is affecting some billionaires who may have stashed the currency in their various houses.

President Muhammadu Buhari’s Chief spokesman, Femi Adesina in an article on Friday, narrated how a customer stormed a commercial bank to deposit N20 million which was already gummed together, damp, and odoriferous.

According to Adesina, efforts by staff of the bank to sort out the notes proved abortive leading to the rejection of the cash.

He said, “Somebody went into a banking hall in Abuja some days ago, and came back to tell of a mighty stink that had pervaded the entire atmosphere in the hall.

“Whodunnit? A mysterious depositor had brought the sum of N20 million from God knows where, but the currency had become gummed together, damp, and odoriferous..

“The bank staff initially made a valiant effort to sort out the notes. With nose masks and hand gloves firmly in place, they began to count.

“But Lazarus had been dead for too long, and was already decomposing. No way to make the corpse walk. So at that point, the depositor was asked to leave the bank with his cargo, which had long gone into demurrage.

“He left, with his tail between his legs, like a beaten dog. But the stink stayed behind. The banking hall had to be disinfected, and deodorized”.

Adesina lauded the decision of the Apex bank, which according to him is beginning to yield positive results.

The new Naira notes which was recently unveiled by President Buhari would be issued on December 15 as the old notes fade out in January.

Nigeria says Abuja-Kaduna rail services resume December 5

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The Abuja-Kaduna rail corridor will finally resume service on 5th December, 2022, the federal government has announced.

The Managing-Director of Nigeria Railway Corporation(NRC), Mr Fidet Okhiria assured that all was now set for the resumption of the rail services.

He enjoined passengers wishing to utilise the service to start updating their mobile app as from Dec. 3, to enable them successfully book for the train services.

He assured that the services would commence with two train rides from Abuja-Kaduna and vice versa, saying that AK 1 will depart Idu station at 9:45hrs and arrive at Rigasa Station at 11:53hrs.

He added, “KA 2 will depart Rigasa at 8:00hrs and arrive at Idu station at 10:17hrs.”

He further stated that AK 3 would depart Idu Station at 15:30hrs and arrive at Rigasa Station at 17:38hrs and KA 4 would depart Rigasa at 14:00hrs and arrive at Idu Station at 16:07hrs.

While assuring passengers of their safety along the route, he explained that the Federal Government is committed to ensuring safety of lives and properties on board its train at all times.

My letters are not to achieve selfish interest says Obasanjo

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Former President Olusegun Obasanjo has said that most of the letters he wrote in the past were not out of selfish interest

He added that he didn’t know where he always summoned the courage to write letters to people in power to express his views about any issue.

Obasanjo disclosed this on Thursday in Abuja at the launching of a book written by Muskiliu Mojeed, titled, “The Letterman: Inside the ‘Secret’ Letters of former Nigerian President, Olusegun Obasanjo.”

He revealed that the Premium Times editor did not seek his permission to write the book, but admitted that he did an excellent job.

His words: “He did not take my permission to write this book and until last Monday, I really didn’t know that he was writing a book when he brought me two copies. I read the book, I was completely flabbergasted by the amount of work that he has someone writing the book.

“So, I was torn between what I should do and what I should not do. One, he didn’t tell me before he wrote a book but he has done an excellent job. I found this book amazingly good.”

The former President said he had to adjust his schedule while away in Ethiopia to be able to attend the public presentation of the book.

Obasanjo added: “There are many things that Muskiliu said that I have forgotten and he dug them up, he presented them. When I read some of the letters, I marveled.

“The reason why I don’t often give interviews, for me, journalists are like a nagging wife who has children for you. You have to tolerate them because whatever you do if it has not been reported, it has not been done. But you have to watch how you interact with them, because they will bring what will annoy you, they will ask questions that will put you off. But Muskiliu has one advantage, since he has been interacting with me for a long time, has learnt to tolerate him and he has learnt to tolerate me, so we tolerate each other.

“I believe very much in letter writing, and I don’t believe letter writing is out of date because you have to communicate and how else do you communicate? Except you will sit down, in a relaxed atmosphere, you have something to convey and you put it down plainly, clearly and pass it to somebody with whom you want to communicate. And I don’t see any substitute for that

“Letter writing is also an art. You must be very careful in the choice of your language so as to convey what you really want to communicate, unmistakably, directly and depending on what you want to put into it. But your letter must be such that it is relevant, realistic and it is purposeful and goes to the point to address the issue you want to address succinctly and clearly. It must also stand the test of time.”