News
FG Scraps Signature Bonus Payment For Oil Blocks
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.’’
News
RSG Cancels ?134BN Secretariat Contract, Orders Refund Of ?20BN Mobilisation … Revalidates Four Projects

The Rivers State Executive Council has revoked the ?134bn contract awarded to the China Civil Engineering Construction Corporation (CCECC) for the renovation, retrofitting, and furnishing of the Rivers State Secretariat Complex by the State of Emergency Administration.
The council directed the immediate refund of the ?20bn mobilization fee already paid to the contractor.
Relatedly, the Council also approved the revalidation of the bidding processes for four contracts, consisting of the renovation of the State Secretariat Complex, construction of reinforced concrete shoreline protection and reclamation works in several riverine communities of Opobo/Nkoro, and Ogba/Egbema/Ndoni Local Government Areas. The projects earlier advertised for which bid documents were cancelled by the Emergency Administration and fees returned to the companies that had earlier purchased them.
The decisions were reached during the State Executive Council meeting held on Thursday at the Government House, Port Harcourt, and presided over by Governor Siminalayi Fubara.
Briefing newsmen, the Permanent Secretary, Ministry of Works, Dr. Austin Ezekiel-Hart explained that the contracts had been awarded in a hasty manner without following due process. He said the council, therefore, approved the revalidation of the bidding process for all four contracts that were earlier advertised in national dailies on February 19, 2025.
With the revalidation process now on, Dr. Ezekiel-Hart stated that a fresh bidding will be advertised in newspapers for competent and experienced contractors to prequalify and submit both technical and commercial bids.
He listed the projects to include, “The construction of 4.8km reinforced concrete shoreline protection and reclamation of Queenstown, Epellema, Oloma, and Minima communities in Opobo/Nkoro Local Government Area in Rivers State. The construction of 2.5km shoreline protection and reclamation in Ndoni-Onukwu, Isikwu, and Aziazagi communities in Ogba-Egbema-Ndoni Local Government Area.
“The construction of 2.5km shoreline protection and reclamation in Utuechi, Obiofu, Isala, Ani-Eze, and Odugri communities in Ogba-Egbema-Ndoni Local Government Area. The renovation, retrofitting and furnishing of the Rivers State Secretariat Complex,” he added.
Also speaking, the Permanent Secretary, Ministry of Education, Dr. Azibaolanari Uzoma-Nwogu, announced that the council approved the constitution of a committee to develop a proposal for the creation of Computer-Based Test (CBT) Centres and ICT Laboratories across the three senatorial districts of the state.
She explained that the initiative is in line with the Federal Government’s directive that beginning in 2026, all examinations conducted by the West African Examinations Council (WAEC) and the National Examinations Council (NECO) will be computer-based.
The committee, chaired by the Deputy Governor, has the Secretary to the State Government, Permanent Secretaries from the Ministries of Education, Works, Information and Communications and Commissioner for Energy as members. Dr. Uzoma-Nwogu said the move will prepare Rivers youths for a digital future and improve the quality of education across the state.
On issues of employment, the Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom Gbali, said the council reviewed ongoing efforts to create jobs for Rivers youths. He disclosed that his ministry has been directed to develop a framework for job creation and economic empowerment, noting that the government is determined to open up more opportunities for the young population.
“We want to assure Rivers youths that there will be a rising tide of employment and steady waves of economic empowerment,” Dr. Gbali said. “We know our Governor, when he makes a promise, he ensures it is fulfilled.”
On his part, the Permanent Secretary, Ministry of Information and Communications, Dr. Honour Sirawoo, said council also deliberated extensively on the recent flash floods experienced in some parts of the state. He said the council directed immediate remedial intervention to address the situation, and cautioned residents against the indiscriminate disposal of waste into drainage channels and building on waterways, which worsens flooding.
Dr. Sirawoo further noted that Governor Fubara remains deeply committed to the development of Rivers State and determined to accelerate the pace of governance despite time lost. He added that the administration’s renewed focus and energy will soon place Rivers State firmly back on the path of sustainable growth and progress.
News
Fubara Reassures Rivers People Of Completion Of PH Ring Road Project

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.
News
Use Service Year To Build Capacity, Fubara Urges Corp Members

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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