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President Tinubu Seeks Industry Collaboration To Achieve 1m BPD Crude Oil Production

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has urged industry stakeholders to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to achieve the one million barrels of crude oil per day (1MBOPD) initiative.

Tinubu spoke on Monday during the inauguration of the project 1MBOPD initiative, which also marked the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021), in Abuja.

The project is an NUPRC collaborative initiative to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholder groups.

Represented by George Akume, Secretary to the Government of the Federation, Tinubu urged key industry stakeholders to work alongside the NUPRC to achieve the outlined targets for increasing oil production within set deadlines.

He stated that the shared responsibility would require cooperation from government agencies, major producers, service providers, financiers, host communities, and other stakeholders.

The president said it would “boost government revenue, eliminate poverty, and contribute to an increase in gross domestic product (GDP) through a balanced, shared prosperity.”

“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries,” Tinubu said.

  • “Policy Reforms Producing Positive Results”

Tinubu said upon taking office, his administration implemented policy reforms and interventions aimed at stability, growth, and sustainability, which have now started to produce positive results.

The president said his administration remains committed to decarbonisation strategies in the oil and gas sector, while maintaining a renewed focus on economic diversification, the utilisation of oil and gas resources, and industrial development.

He expressed satisfaction that the sector has witnessed significant financial and investment decisions across the value chain since the reforms were introduced.

“To this end, we must work more subtly to grow production, meet domestic energy security needs and shore up foreign exchange gains,” the president said.

“I congratulate all active oil and gas industry players for the modest gains in oil production which rose to 1.6 million barrels per day.

“I am pleased that the NUPRC, working with industrial stakeholders has transformed that executive charge into a tangible measure set as progress to one million barrels per day in oil and gas production.

“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.

“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets.”

Tinubu also commended the Ministers of State for Petroleum Resources (oil and gas), NUPRC, the Nigerian National Petroleum Company (NNPC), industry leaders, and oil producers for their efforts in addressing contemporary challenges and driving development in the sector.

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Dangote Refinery Denies Filing Fresh Lawsuit Against NNPCL

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Dangote Petroleum Refinery has refuted allegations of initiating a new lawsuit against the Nigerian National Petroleum Company (NNPC) Limited.

Reports had suggested the refinery sought to nullify import licenses granted to NNPC and other oil marketers for refined petroleum products already produced domestically.

However, according to Anthony Chiejina, Group Chief Branding and Communications Officer, the lawsuit in question has been ongoing since June and is slated for withdrawal by January 2025.

“This is an old issue that started in June and culminated in a matter being filed on September 6, 2024,” the company said.

“Currently, the parties are in discussion since the President Bola Tinubu’s directive on Crude Oil and Refined products sales in Naira Initiative, which was approved by the Federal Executive Council (FEC).”

Dangote refinery said it has made tremendous progress in that regard and events have overtaken the development.

“No party has been served with court processes and there is no intention of doing so. We have agreed to put a halt to the proceedings,” the company said.

“It is important to stress that no orders have been made and there are no adverse effects on any party. We understand that once the matter comes up January 2025, we would be in a position to formally withdraw the matter in court.”

On October 5, the federal government said Nigeria officially commenced the sale of crude oil and refined petroleum products in naira.

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JUST IN: Former Lawmaker Farouk Lawan Released From Kuje Prison After Serving 5-Yr Jail Term Over $500,000 Bribery

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Farouk Lawan, a former member of the House of Representatives, has finally regained his freedom after serving a five-year jail term for bribery.

He was released from the Kuje Custodial Centre in Abuja, the nation’s capital, on Tuesday.

Lawan’s story is quite notable, as he was once the chairman of the House of Representatives ad hoc committee tasked with investigating the multi-billion naira petrol subsidy fraud back in 2012.

However, his involvement took a dramatic turn when he was convicted and sentenced to prison in 2021 for accepting a whopping $500,000 bribe from Femi Otedola, the then-chairman of Zenon Petroleum and Gas Limited.

“Today marks the beginning of a new chapter in my life as I step out of Kuje Custodial Centre, with a heart full of gratitude to Allah SWT for seeing me through this trial,” Lawan said in a statement.

“My gratitude is deep, I’m alive and in good health and high spirits to be with my family, friends and associates. I don’t take that for granted.

“I remain grateful and indebted to my family and friends who stood by me through this particularly trying phase of my life.”

Recall that Lawan, who represented the Bagwai/Shanono constituency of Kano state in the house of representatives, was accused of demanding $3 million from Otedola to remove Zenon Petroleum and Gas Limited (Otedola’s former company) from the list of oil companies allegedly involved in the petrol subsidy scam.

Video clips had made the round on social media at the time, showing Lawan stuffing wads of currency notes in his traditional outfit and underneath his cap.

He was arraigned on seven counts of bribery by the Independent Corrupt Practices and other Related Offences Commission (ICPC).

On June 22, 2021, Angela Otaluka, judge of a federal capital territory high court in Apo, convicted Lawan on all three counts and sentenced him to seven years in prison.

In February 2022, a court of appeal discharged and acquitted the former lawmaker on two of the three counts on which he was convicted.

The appellate court affirmed his conviction on one count.

The jail term was also reduced to five years from seven years.

In January 2024, the supreme court affirmed Lawan’s conviction and upheld the verdict of the court of appeal.

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Aare Adetola Emmanuelking Reaffirms Commitment To Yoruba Culture At Ooni Of Ife’s 50th Birthday

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In a gesture that underscores his unwavering commitment to promoting and preserving the rich Yoruba culture and traditions, Aare Adetola Emmanuelking, Chairman/CEO of Adron Group, accompanied by the Managing Director of Adron Group, Mrs Adenike Ajobo and some other company’s management team, paid a royal visit to His Imperial Majesty, Oba Ogunwusi Eniitan, Ojaja II, the Ooni of Ife, on Sunday, October 20, 2024, in celebration of the monarch’s 50th birthday.

The visit took place at the Ooni’s historic palace in Ile-Ife, a city revered as the cradle of Yoruba civilization. Aare Emmanuelking, a staunch advocate for cultural heritage, expressed his deep admiration for the Ooni’s pivotal role in uniting and uplifting the Yoruba people. This significant visit exemplifies the strong relationship between Adron Group and traditional rulers across the country, and it reflects the company’s commitment to community development, as well as the preservation of Nigeria’s diverse cultural values.

Speaking at the event, Aare Emmanuelking emphasized the importance of maintaining and promoting the customs and traditions that define the Yoruba people, while fostering relationships with traditional rulers and the broader community. He noted that these relationships are essential not only for cultural preservation but also for supporting sustainable development that benefits local communities and strengthens national unity.

“A nation’s growth is deeply tied to its cultural roots. The Yoruba culture, and indeed all Nigerian traditions, form the bedrock of our values and our identity. We at Adron Homes are proud to be associated with these values and are committed to ensuring that they are passed down to future generations,” Aare Emmanuelking stated during the visit.

In closing, Aare Adetola Emmanuelking offered his heartfelt prayers to the Ooni of Ife, saying: “May His Imperial Majesty, Oba Ogunwusi Eniitan, continue to reign in wisdom, peace, and prosperity. As the custodian of our cherished traditions and a beacon of hope for our people, we pray for long life, good health, and enduring success for His Majesty. Long live the King, long live the Ooni of Ife.”

The Ooni of Ife, Oba Ogunwusi, expressed his gratitude for the visit and lauded Adron Group’s efforts in supporting traditional institutions and fostering development. The Ooni’s 50th birthday celebrations have drawn dignitaries and well-wishers from across the country, all paying tribute to his reign and visionary leadership.

Adron Homes and Properties, a leading real estate company, remains committed to its mission of making affordable housing accessible to all Nigerians. Under Aare Emmanuelking’s leadership, the company continues to engage with traditional rulers, recognizing their vital role in community cohesion and the preservation of cultural identity.

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