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FG Scraps Signature Bonus Payment For Oil Blocks 

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The Federal Government has waived the signature bonus requirement in the bidding process for newly auctioned oil blocks.
The Minister of State for Petroleum Resources, and Oil, Mr Heineken Lokpobiri, said this exemption is to attract fresh investments and ramp up oil output.
He disclosed this on the sidelines of the ongoing 2024 Offshore Technology Conference, OTC, in Houston, Texas.
A signature bonus is a single, non-recoverable lump sum payment made upfront by oil companies to the government for the rights to develop an oil block commercially after successfully winning in the license bid round.
Recall that the Nigerian Upstream Petroleum Regulatory Commission announced bidding processes for the 2024 oil bid round with 12 oil blocks and five deep offshore assets.
At the event, the minister assured investors that oil would remain relevant in Nigeria’s economy for a long time and that the government is creating an enabling environment to attract the best investments into the country.
Lokpobiri, who urged investors to take the opportunity of the oil bid round to invest, said, “Historically, no source of energy goes away. So, do not be deceived that fossil fuel will go away. Discourse at the recent global conferences has further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country.
“We are here at OTC to show the rest of the world that Nigeria is different and our government is different, in creating the best regulatory framework, allowing competitiveness, and removing all the investment barriers.
“Today, we are restoring investment confidence in the sector and ensuring investors can bring in their funds without worries. This will show to the world that Nigeria is ready for business.”
Announcing the removal of the signature bonus, Lokpobiri said over the years, payment of signature bonuses remained a huge bottleneck for investors as well as investment into the sector.
“Stakeholders had explained that globally, payable signature bonuses by awardees of an oil bloc or marginal field rank highest in Nigeria. On many occasions, the huge amount involved in payment of signature bonus was a setback for investors,’’ the minister added.
He said to ensure investors have a soft landing, such payments will now be tied to immediate exploration and production activities by new entrants.
Lokpobiri added, “Rather than pay such monies into the coffers of the Federal Government, the investor must now be able to prove to us that they have the funds required to move into exploration.
“What we have resolved going forward and with the 2024 oil bid round is to see that fields won in a bid round must be put into immediate use as against what obtained in past where fields are left idle after assets are won.”

 

He said the new strategy would create jobs and boost activities in the upstream oil sector.
In his remarks, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, said the recent Presidential Executive Orders issued in March this year, were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.
He added that it would culminate in further increasing the nation’s oil and gas reserves, currently standing at 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.
Komolafe said, “The exercise, which was initially announced on the 29th of April 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces twelve meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.
‘’Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality. Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021, which ensures compliance with best practices to boost investors’ confidence.
‘’In keeping with the provisions of the PIA and regulations made under the Act, the commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks (namely PPL 300-CS; PPL 301-CS; PPL 3008; PPL 3009; PPL 2001; PPL 2002; PML 51; PPL 267; PPL 268; PPL 269; PPL 270; and PPL 271).
“In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.’’

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Fubara Reassures Rivers People Of Completion Of PH Ring Road Project

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Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.

 

The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.

 

Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.

 

Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.

 

“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”

 

The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.

 

Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.

 

“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.

 

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Use Service Year To Build Capacity, Fubara Urges Corp Members

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The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to  use the NYSC skill acquisition training programme to build capacity.

 

Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.

 

Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.

 

“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.

 

“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.

 

The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.

 

“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.

 

In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.

 

He further encouraged them to embody selfless service and empathy in serving the people.

 

The colourful ceremony witnessed a vibrant parade.

 

 

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First Lady Charges RHI Beneficiaries To Build Foundation For Food-Secure Nigeria …As 800 Rivers Farmers Receive Agric Empowerment Support

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Nigeria’s First Lady and National Coordinator of the Renewed Hope Initiative (RHI), Senator Oluremi Tinubu, has called on farmers in Rivers State to take full advantage of the agricultural empowerment support programme by growing their seedlings, nurturing livestock, and producing high yields to help build a food-secured Nigeria.

 

Represented by the wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, Senator Tinubu made the call during the distribution of agricultural support materials to 800 pre-selected farmers at the Government House Field in Port Harcourt on Tuesday.

 

The event was organised by the Renewed Hope Initiative in collaboration with the Federal Ministry of Agriculture and Food Security, the Rivers State Government, and the Young Farmers’ Club of Nigeria.

 

Delivering the First Lady’s message, Lady Valerie Fubara urged beneficiaries to take responsibility for their farms and contribute to national food production.

 

“Grow these seedlings, nurture these livestock, and turn them into good yields,” she said. “As you do that, you will also reawaken the entrepreneurial spirit that we are known for.”

 

Lady Valerie Fubara described the initiative as a practical effort to revive Nigeria’s agricultural potential, drawing lessons from past government programmes such as Operation Feed the Nation and the Green Revolution.

 

She noted that with the commitment to empowering Nigerians, the initiative reflects genuine love and dedication to the nation’s progress.

 

“This support programme is not just assistance, it is an investment that will lead to food surplus and help combat scarcity,” she added.

 

She also emphasised that the Rivers State Government, under Governor Siminalayi Fubara, is complementing the initiative with additional support for 400 farmers, which include 100 young and 300 older farmers, bringing the total number of beneficiaries to 800.

 

“The First Lady of Nigeria is trusting you to make the best use of this opportunity,” Lady Valerie Fubara said. “The Rivers State Government believes in your ability, do not let us down,” she added.

 

Rivers State Deputy Governor, Prof. Ngozi Odu, praised the programme as a platform that promotes inclusivity and bridges socio-economic gaps.

 

“This initiative embodies the Federal Government’s commitment to improving lives through sustainable and inclusive development,” she said.

 

She also commended Lady Valerie Fubara for her leadership and passion in localising the Renewed Hope Initiative in the state.

 

“Beyond the immediate benefits,” she added, “this programme lays the foundation for a more prosperous and self-reliant Rivers State,” she said.

 

The Head of the Rivers State Civil Service, Dr. Inyingi Brown, described the programme as timely and impactful. She urged the beneficiaries to become catalysts for sustaining the initiative, and appealed for future inclusion of civil servants.

 

“You are the first set of beneficiaries, please, show example so that the programme will be replicated. Let it not die in your hands,” she said.

 

The Supervising Commissioner for Agriculture, Engr. Victor Kii, commended the First Lady’s vision, describing the initiative as a key step toward food security, job creation, and inclusive economic growth.

 

He praised Lady Valerie Fubara for her role in ensuring the programme’s success in Rivers State, noting that it “uplifts women, creates jobs, and secures a sustainable economic future.”

 

In her welcome remarks, Rivers State Coordinator of RHI, Mrs. Tonye Briggs Oniyide, said that RHI pre-selected 400 farmers drawn from across the three senatorial districts, including members of the Female Farmers’ Association, the Young Farmers’ Club, and non-indigenes.

 

The beneficiaries received farm implements, seedlings, fingerlings, livestock, and starter packs, all aimed at boosting food production and encouraging youth participation in agriculture.

 

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