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Economy

Nigerian Govt to grow oil reserves to 40bn barrels by 2025

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Nigeria to stop importation of petroleum products by 2024

The Minister of State for Petroleum Resources, Timipre Sylva has disclosed that one of the key mandates of the ministry is to grow oil reserves from the current 37 to 40 billion barrels by 2025.

Sylva said this on Tuesday at the official ground-breaking of the Oil Prospecting Licenses (OPLs) 809 and 810 at the Kolmani River II well located at a border community between Bauchi and Gombe states.

The Kolmani Integrated Development Project was inaugurated by President Muhammadu Buhari with some top government officials including governors, cabinet members, captains of industry and Nigerian National Petroleum Company Ltd. (NNPCL) officials, among others in attendance.

He said he was particularly excited at the partnership between NNPCL, Sterling Global Oil, and New Nigeria Development Commission (NNDC), to carry out the drilling campaign.

“This is a testimony of the fact that the hydrocarbons sector still holds promise of returns on investment, highlighting the role that this resource will continue to play in the global energy mix,” Sylva said.

He recalled that in 2019 when the NNPC announced that it had encountered oil in ‘commercial quantities’ at the Kolmani River well II, the nation celebrated the news as a fitting outcome for years of geological investigations.

“In spite of the enormity of challenges that NNPC was confronted with, the day has come when we can collectively witness and celebrate drilling for hydrocarbons in the North of our dear country,” he said.

He said the ministry was committed to finding and developing ways to end energy poverty, create shared prosperity and enthrone sustainable development.

Sylva said the Petroleum Industry Act (PIA) provided regulatory support and framework for achieving this mandate by providing Frontier Exploration Fund which the NNPC could utilise to deploy world-class cutting-edge technologies to de-risk exploration in frontier basins.

“The commencement of drilling of Kolmani fields which could hold as much as one billion barrels crude oil reserve will significantly contribute to boosting our oil reserves and ensuring our continuous energy sufficiency,” he said.

He thanked the President for demonstrating his commitment to the uninhibited development of the petroleum industry.

In a remark, the  Group Chief Executive Officer of the NNPCL, Malam Mele Kyari said the discovery of a commercial oil and gas deposit at the Kolmani oil field in 2019 was further appraised and validated by the Kolmani team.

Kyari, while thanking the Bauchi and Gombe state governments and their partners, said the development of a framework was put in place to guarantee financing and technology required to deliver the integrated project.

He assured the President that it would leverage every mechanism including an asset-based financing framework for the delivery of the project for it to stand out as the administration’s lasting legacies.

The President of the Senate, Ahmed Lawan also lauded the President for achieving a landmark feat, adding the PIA in sections nine, five and four provided 30 per cent of profit from oil exploration.

Lawan said that Bauchi and Gombe states would soon be benefiting from the 13 per cent derivation and the host community development fund which would have a serious impact on the lives of the host community dwellers.

He urged the government to use revenue generated from oil to improve the livelihood of the dwellers and also to ensure the deployment of technology as well as a safe environment.

The senate president, while decrying the worrisome sight of the Niger Delta region, especially Ogoni Land advised operators of the oil fields to avoid contaminating the environment.

In an address, the Group Managing Director of NNDC, Shehu Mai-Borno pledged commitment towards the realisation of the integrated development project.

Also speaking, the Managing Director of Sterling Oil Exploration and Energy Production Company Ltd., Mr Mohit Barot,  presented a short video indicating the project overview.

Barot, while thanking the Federal Government for finding the company as a reliable partner for achieving energy security, said it had secured the requisite financing required for the project.

Nigerian Govt to grow oil reserves to 40bn barrels by 2025
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Aviation

NAF airstrikes destroy terrorist food depot, kill scores in Lake Chad

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This is contained in a statement by the Director, Public Relations and Information, Nigerian Air Force (NAF), Air Commodore Olusola Akinboyewa, on Monday in Abuja.

Akinboyewa said the NAF aircraft carried out the operations in Nov. 23 on the strategic location, identified through meticulous intelligence efforts.

He said the location served as a critical food storage site and a sanctuary for terrorist commanders and fighters.

He added that intelligence had previously linked terrorists in the location to recent attacks, including the assault on troops in Kareto on Nov. 16.

According to him, the NAF fighter jets, in response, launched a robust air interdiction mission, destroying identified structures used as storage facilities and neutralising terrorists on-site.

“Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements.

“The operation’s success was made possible by extensive Intelligence, Surveillance, and Reconnaissance (ISR) missions conducted over several days, confirming the presence of active terrorist structures camouflaged under dense vegetation.

“The destruction of the terrorist enclave, including food storage facilities, severely disrupted their logistical operations, while the neutralisation of a significant number of fighters diminished their capacity to launch future attacks,” he said.

Akinboyewa said the mission had demonstrated the NAF’s unwavering commitment to defending our nation and people, acting singly and supporting surface forces in counterterrorism operations.

He reiterated the NAF’s commitment to sustain robust independent and joint operations until all enemies of Nigeria’s prosperity and wellbeing are brought to justice.

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

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Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

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Economy

Customs intercepts N30m worth of PMS in Operation Whirlwind

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The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.

The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.

“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.

“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.

“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.

“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.

The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.

Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.

He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.

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