Headlines
Mobil-Seplat Deal: Buhari Backs NUPRC on Decline of Ministerial Consent

About 48 hours after granting ministerial consent regarding the N1.283 billion sales and purchase deal between ExxonMobil and Seplat Energy, President Muhammadu Buhari on Wednesday rescinded the decision.
The president, who is the de facto Minister of Petroleum Resources, blamed the lack of coordination among the concerned agencies for the confusion, explaining that he had weighed the likely ramifications of the earlier decision.
On Monday Buhari had overridden the long-drawn attempt by the Nigerian National Petroleum Company Limited (NNPCL) to block the deal, citing the need to attract Foreign Direct Investment (FDI) to the oil and gas sector.
No sooner had the process of acquiring the assets been announced than the state-owned oil firm moved to halt it from proceeding, claiming that it had a pre-emption right.
The Nigerian authorities thereafter put a halt to the proposed sale citing overriding national interest as one of the reasons for rejecting the deal, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), intimating ExxonMobil of the decision.
But in a surprising twist, months later, Buhari said he had consented to the deal , stressing that it would come with massive benefits for the country and the industry in particular, highlighting the need to quickly ramp up production.
If it succeeded, the transaction would have seen the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria and was expected to deliver 186 per cent increase in production from 51,000 bpd to 146,000 bpd or 170 per cent increase in 2P liquids reserves, from 241 MMbbl to 650 MMbbl.
In addition, it was expected to deliver a 14 per cent increase in 2P gas reserves from 1,501 Bscf to 1,712 Bscf, plus significant undeveloped gas potential of 2,910 Bscf (JV: 7,275 Bscf)
Among others, , it would also increase by 89 per cent, the total 2P reserves from 499 MMboe to 945 MMboe, including offshore fields with dedicated, MPNU-operated export routes offering enhanced security and reliability.
The president had okayed the acquisition in a public statement on Monday by his Media Adviser, Femi Adesina, who stressed that Buhari was: “Considering the extensive benefits of the transaction to the Nigerian energy sector and the larger economy.”
But a few hours after Buhari granted his consent, the NUPRC Chief Executive, Mr Gbenga Komolafe, rejected the decision, explaining that the position of the Petroleum Industry Act (PIA) was clear on the matter. He insisted that its consent to the deal remained declined.
Quoting relevant sections of the law which empowers it to hold such view, Komolafe stated that the status quo (its withdrawal of consent) was still subsisting, maintaining that it was purely a regulatory matter.
“So, the position of the commission as the authority involved in the regulation of the upstream which had earlier been communicated to Mobil, stands. As far as the commission is concerned, nothing has changed. The status quo remains as far as we are concerned,” he maintained.
In throwing his weight behind the regulator’s decline of the $1.283 billion transaction on Wednesday through a spokesman, Garba Shehu, who was quoted by Premium Times, an online news outlet, Buhari said he decided that the best line of action was to stick with the regulatory commission.
“It has become clear that the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” Shehu said.
Shehu further confirmed Wednesday night that indeed, the President has decided to stick to the law. “They called to confirm and I confirmed it.”
The president’s earlier statement was said to have gone against a decision taken three days earlier in favour of the NNPCL, as the NUPRC and the national oil company fought to make the president change his mind on the matter.
It also came after an Abuja court granted NNPCL an order of interim injunction on July 6, 2022, temporarily barring ExxonMobil from completing the transaction.
Meanwhile, Seplat has pushed back on allegations that it had some underhand dealings in the process of trying to secure the consent of the president in the run-up to the Monday 8 announcement.
The indigenous oil firm, in a statement signed by its Chief Financial Officer , Emeka Onwuka, threatened to take legal action against all the parties that have propagated such false information relating to its business activities.
“Seplat Energy has become aware of news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
“Such reports are wholly untrue and the company will pursue legal action against any parties involved in disseminating false information related to its business.”
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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