Headlines
Experts Urge FG to Provide Bailout Funds for Marginal Oil Field Awardees

By Derrick Bangura
As the 2020 marginal oil field awardees currently struggle to raise fund to commence the development of their respective assets and eventually hit first oil production, some industry experts have advised the federal government to consider providing intervention funds for cash-strapped companies.
The experts said the excessive cost of participation during the marginal field bid round and the expensive signature bonus they were asked to pay have eroded the commerciality of the assets, making it difficult for them to raise fund to proceed to drilling after one year of issuing them award certificates.
Speaking at the Arbiterz marginal oil field conference in Lagos, with the topic, “From License to Oil: Fundraising for Marginal Fields,” the Subsurface Manager, Energy and Mineral Resources Limited (EMR), Mr. Collins Ibekwe, said the government should consider providing bailout funds to the companies either in form of returning the signature bonuses or through any other form of financial assistance to them.
Ibekwe explained that his call for bailout fund for the awardees was based on the fact that there had been instances where government had to intervene to help businesses that were going through financial difficulties just to help them recover and continue to contribute to the nation’s economy.
He maintained that such intervention was needed for the current marginal oil field awardees to enable the companies have fund to proceed to drilling and help to achieve the nation’s aspiration of increasing oil production to three million barrels per day, raise the reserves to 40 million barrels and in turn boost government’s revenue and job creation.
Expressing pessimism about the companies achieving first oil quick enough, as recorded by a couple of the 2003 awardees, Ibekwe maintained that such government financial intervention was necessary to enable the companies recover from the huge burden they were made to suffer by paying the outrageous $125,000 as marginal fields bid round participation fee and the exorbitant $5 million to $40 million for signature bonus per oil field.
Ibekwe lamented that the government’s charges for the 2020 marginal field bid round participation and signature bonus were astronomically higher than the fees paid by companies during the 2003 bid round and even the fees that were to be paid by companies in the botched 2013 marginal oil field bid round.
He argued that the components of the 2020 bid process including the financial, regulatory, legal, international and other components were designed to essentially make the process very expensive for the bidders, saying the expensive nature of the bid process has eroded the commerciality of the assets.
The 2020 marginal oil field bid round started in June 2020 and by May, 2021, 161 companies were shortlisted as winners of the 57 marginal fields put on offer.
In May, 2021, the then industry regulator and organisers of the 2020 marginal field bid exercise, the defunct Department of Petroleum Resources (DPR), which has been replaced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), presented award certificates to 80 of the awardees.
DPR had put the total value of the 57 marginal oil fields at not less than $500 million, having pegged the bid participation fee at $125,000 per company and between $5 million and $40 million as the signature bonus per field.
However, the NUPRC had disclosed that 80 per cent of the awardees had complied in terms of payment while closed to 90 per cent of the companies had complied in forming the Special Purpose Vehicles (SPVs).
The commission had also disclosed that the marginal oil fields awarded to 33 companies had been revoked following their inability to meet the 45 days deadline required to pay the signature bonus for the fields.
But in his intervention on how to make the marginal field licenses to producing oil, Ibekwe said, “My opinion is this: If we have to be truthful to ourselves, then we have to look at this holistically -think outside the box. What really should be done? Because I think those who put the process together were not long-term-focused. I think they were too short-term focused.
“But it should not be too late to say, let’s reverse this process. Let’s return this money; because to be honest with you, you may say, okay, my interest is to raise money for government. But really, is that an optimal expectation? Should it not be better for our expectation to be: let’s grow new businesses; let’s grow these marginal fields and have many new indigenous operators that are capable.
Also contributing at the session, Chief Executive Officer, Tritekk Consulting Limited and former Geoscience Business Manager, France, Schlumberger, Mr. Ayodele Fasakin, who equally observed that the signature bonus for the marginal fields was too expensive, adding that the NUPRC should be an active partner to the point of ensuring that operators secure funding to proceed to first oil rather than being interested in raising revenue for government.
In his remarks, Chief Executive Officer, NUPRC, Gbenga Komolafe, who was represented by the commission’s Head of Basinal Assessment and Lease Administration, Mr. Edu Iyang, said the commission had engaged awardees to resolve issues arising from the 2020 marginal field award and had also concluded drafting of model licence document, which he said was critical for issuing the Petroleum Prospecting Licences (PPL) to the awardees.
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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