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Reps, DPR Bicker Over Okrika Oilfield Revocation, Awards

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The House of Representatives’ Committee on Public Petitions and the Department of Petroleum Resources (DPR) are at daggers drawn over Dawes Island marginal field lost by Euroafric for holding the national asset without production, and making it unviable for 17 years.
The Minister of Petroleum Resource, through the Department of Petroleum Resources (DPR), had awarded the field to Petralon 54 Limited and its partners during the last bid round, a decision that was countered by Euroafric through a petition to the House Committee on Petitions.
The DPR had revoked the licences of 11 marginal field operators for non-performance, including Dawes Island marginal field located in OPL2006, Okrika, Rivers State.
The DPR justified the revocation of the field licence on the ground that Dawes Island marginal field was operated by Euroafric Energy Limited for over 16 years without significant progress to attain full production, and failure to submit field development plan for the asset.
According to the DPR Director, Sarki Auwalu, the decision was taken in the best interest of the nation.
The House of Representatives’ Committee on Public Petitions was, however, quoted to have reversed the DPR’s award of Dawes Island marginal field to Petralon 54 Limited and its partners, arguing that the action did not comply with the principles of equity and fairness, even when available information suggests that Euroafric had no financial or material investment in the assets development, leading to non-performance.
But the committee on its part, said the three companies should benefit from any re-award of the asset, which it said should be restored to pre-revocation status in the interest of equity and national interest.
It alleged that there was an ulterior motive in re-awarding the licence to Petralon 54 alone, when Euroafric and Tako, Petralon 54 were supposed to be punished for the same offence.
Though, the Committee on Public Petitions is yet to present its report on the matter, there have been widespread report that the contract had been revoked by the House Committee.
However, oil and gas experts insist that the House of Representatives lacked the power to reverse oilfields’ award done by the regulator.
Firing the first salvo, the immediate past Chairman, Society of Petroleum Engineers, Joe Nwakwe, said that there was a clear distinction between regulation and governance, calling for caution in a bid not to send a wrong signal to investors because of interference with regulation.
Echoing similar sentiments, Adebayo Alamutu maintained that the House of Representatives Committee on Petitions may be doing more harm to the nation’s economy and reputation before the investors with its usurpation of power that does not belong to it.
“First, there is no controversy in this matter. The minister has delegated the power to award and revoke oil blocks to the DPR, which is the regulator. The DPR, on the other hand, has said that it revoked the Dawes oilfield from Euroafric, Tako and Petralon 54 JV over lack of competence and needless rendering of the national asset unproductive for many years.
“It is not only against the dictates of the Petroleum Act, it is against development. It is so dangerous to what we preach as a country on division of power. It will be so scary for the investors,” he said.
Marginal fields are smaller oil blocks typically developed by indigenous companies, and have remained unproduced for a period of over 10 years.
At the presentation of letters to the winners, DPR Director, Sarki Auwalu, stated that a total of 591 firms submitted expression of interest forms, out of which 540 were pre-qualified, while 482 were bids submitted by 405 applicants.
He said, “In the end, 161 companies were shortlisted as potential awardees, out of which 50 per cent has met all conditions, and therefore, eligible for awards, today. We are set to ensure opportunities are extended to other deserving applicants to fill the gap.
“The DPR is not just a regulator, we are an opportunity house. We drive creativity and transformation, and we use these in all of our activities. This is done in the overriding national interest.”

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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