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Nigeria: NNPC Seeks to ‘Pre-empt Mobil on Asset Sale to Seplat’

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By Derrick Bangura

The Nigerian National Petroleum Company (NNPC) Limited may have created a wedge in the highly acclaimed transaction that would have seen Seplat Energy, an indigenous oil firm, buy over oil shares belonging to ExxonMobil, THISDAY has learned.
The deal between ExxonMobil’s Nigerian unit, Mobil Oil Producing Nigeria Unlimited (MPNU), the first since the signing of the Petroleum Industry Act (PIA) in August last year, had attracted plaudits from industry leaders.
The Sale and Purchase Agreement (SPA) to acquire the entire share capital of MPNU, THISDAY had reported, was for a purchase price of $1.283 billion, plus up to $300 million contingent consideration.
However, a report by Platforms Africa, news, business, and leadership medium, stated that the state-owned oil giant had opted to exercise its Right of First Refusal (RFR) on the sale of the assets.
The RFR is reportedly contained in the Joint Operating Agreement (JOA) of the Joint Venture (JV), which represents NNPC’s position on the planned sale of the shares to Seplat Energy Plc.
Efforts to get NNPC to speak on the matter were not immediately fruitful, but a top source in the oil firm told THISDAY, “We will address it at the appropriate time.”
But an industry source who preferred to remain anonymous told THISDAY last night that NNPC’s action could lead to a legal tussle between Seplat and the national oil company. The source stressed that NNPC did not have the power to halt the acquisition of the multinational oil company’s shares by Seplat.
According to the source, “Seplat bought ExxonMobil’s shares, not assets. Whereas NNPC has right of pre-emption over the sale of assets, it does not have right over sale of shares.”
Furthermore, the source explained that with its present structure, NNPC was now a commercial entity and no longer a regulator, as it used to be in the past, “so, it is the regulator that can interfere in the matter.”
The source added, “However, they have to check the Production Sharing Contract (PSC) because if they say they are taking over ExxonMobil, that means they are taking over staff, pensions, and liabilities and not assets.”
It was gathered that NNPC had already notified Mobil Producing Nigeria Unlimited of its intention to exercise the right of pre-emption on ExxonMobil’s planned sale of its entire asset in Nigeria’s onshore and shallow waters.
However, a reliable source told THISDAY that the politics underlying the stoppage of the deal could markedly derail the new verve the Petroleum Industry Act (PIA) was expected to bring to the industry.
It was learned that NNPC was intending to have a special arrangement with a company belonging to a northerner operating in the oil and gas industry, under a “strategic management contract.”
Industry sources said that the state-owned oil firm, which is the major shareholder in the JV with ExxonMobil, might have exercised its right of first refusal on the assets as part of a new era, which will focus solely on building the long-term profitability of the NNPC Limited.
The Mele Kyari-led company had previously conveyed its decision to exercise its rights and match any offer by interested parties for the assets following ExxonMobil’s decision to receive bids for their share of the JV, the platform reported.
Seplat Energy subsequently put forward a winning bid for the assets and reached an agreement with ExxonMobil.
The right of pre-emption is a legal right to parties in a joint venture to be the first to be considered for any planned sale or takeover of assets in the JVs if either party chooses to trade them off.
A letter sighted by Platforms Africa, signed by the Group Managing Director, Kyari, and addressed to ExxonMobil, quoted NNPC as reiterating its resolve to take over the company’s share of the assets.
“We are aware that you reached an agreement to divest from onshore and shallow waters JVs,” the letter read, adding, “Clearly we are interested.”
Announcing the agreement, ExxonMobil had earlier said that the deals were subject to approval and the new position of NNPC, meaning that the whole process of sale and purchase agreement between ExxonMobil and Seplat Energy has to be discontinued.
Seplat Energy, the company that made the winning bid, had staked over $1.2 billion for the deal to acquire the entire share capital of MPNU plus contingent consideration and was waiting for the minister’s consent before the latest development.
This meant that the state-owned oil firm must not, based on its exercise of right of first refusal, pay below the $1.2 billion mark.
According to the letter, NNPC also reiterated that it had already transformed from being a corporation to being a profit driven company and it now had the capacity to buy over the share of ExxonMobil in the Joint venture.
The NNPC had recently announced a funding agreement with Afreximbank for up to $5 billion to grow its investment in new and existing upstream assets.
Recently, the publishers of the Africa Oil and Gas Report raised the alarm over the attempt by the national oil company to crowd out private investors, saying that enough space should be created for some level of diversity in investment. That alarm has now proved to be a wake-up call on increasingly seemingly grab-all posture.

Commenting on the pre-emption rights as expressed by NNPC, Publisher of the magazine, Toyin Akinosho, who had spoken on Arise News Channel, urged NNPC to free the space for entrepreneurs to come in, insisting that the company already has a lot in its basket and was even finding it difficult to cope.
Akinosho maintained, “NNPC is in JV with companies that produce at least 45 percent of our crude. That’s a lot of material for them already. The assets they operate are the least optimized of all the assets in the industry.”
While accusing NNPC of grabbing assets all over the country, he wondered why the national oil company was allegedly stifling investment in the sector. According to him, the kind of partners that NNPC may hand over the assets to are always not the most experienced in the space, adding that the whole idea is to “gift” it to a third party.
“It would not manage the assets, so any excuse about ‘this being taken over in the interest of the state’ is untrue. In the last three years, it has implemented Finance and Technical Service Agreements (FTSAs), with companies that it chooses to work the assets,” he added.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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